Anyone looking to buy and develop land in the Durban Point area will have to wait for the anticipated release of additional land during the first quarter of 2007, since all stands made available for purchase during the first phase of the R6-billion Durban Point Waterfront development project have been snapped up.
The situation could hardly be better for the Durban Point Development Company (DPDC), which is overseeing the sale and development of the Durban Point Waterfront area. According to an upbeat Colin Sher, sales and marketing manager for the DPDC, the entire 160 000 square meters bulk that were initially released at the 2003 launch of the project have all been sold. Developers and private buyers are now waiting eagerly for the release of a further 100 000 square meters bulk at a current price of around R3 000 per square metre which he expects to be released for mixed-use development during the first quarter of 2007.This is over and above a 42 000 square metre land parcel that is currently under serious negotiation. This proposed 42 000 square metre mixed use development will include a world-class shopping centre of approximately 30 000 square metres, with the remainder being residential, offices and hotels.
As it stands, the first phase comprises about 95 000 square metres of residential development with the balance being hotels, showrooms, retail and offices. Sher expects phase two to be broken down into residential apartment blocks that will overlook the extended deep water canal with its moorings as well as some prime sites with views over the proposed Small Craft Harbour. The harbour will be characterized by retail shops and restaurants spilling from the ground floor, with the option of offices and residences on the upper floors that will enjoy uninterrupted harbour and sea views.
Says Sher: "We are delighted but not surprised that the project has been so well received by the market. The area has huge positional and historical appeal, which will likely spur a similarly positive reaction to the second phase as that which we experienced for phase one, where around 50 percent of the development is already complete and the remainder is well underway." Sher adds that although there had initially been some skepticism in certain quarters about the potential of the area to attract investors, this had not been the case as evidenced by the record prices being achieved in the both the residential, rental and commercial sectors. Residential apartments within the development are now reportedly selling for between R11 500 and R16 500 per square meter and there also is strong demand for rented apartments.
It's Sher's belief that the appeal of working and living in as prestigious an area as the Point Waterfront outweighs the slightly negative affect of having to access it along a notoriously crime ridden, slum-like section of Point Road. "Already the City Council has widened the roads and taken steps to clean up the area around the Point Waterfront Development and its closest major shopping centre, The Wheel," he said. "We understand that Council has identified certain buildings where the landlords will be given written notice to clean things up in terms of appearance and usage, after which they will incur penalties and finally expropriation if they do not comply."
Calling the project an "evolving success", Sher says the area is well on track to becoming one of the world's most sought-after tourist destinations, not least of all because of its idyllic location near uShaka Marine World. – Ingrid Smit for Property24.com
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