Cornubia on the burgeoning KwaZulu-Natal northern corridor has welcomed the new state-of-the-art Makro Store scheduled to start operating this week.
Fortress REIT Limited, one of the members of the JSE-listed Resilient group of property companies, said the 19 000m2 retail facility will be housed within the Cornubia Ridge Logistics Park, which is adjacent to the Gateway precinct and accessible from all major highways including the M41 and the N2.
Cornubia Ridge Logistics Park makes up the balance of the 28 Hectare development by M&F Giuricich and Fortress. With an investment of over R1 billion into the area, this goes to further underline the confidence in the greater Durban area as an important logistics hub servicing the Southern African region.
“The Cornubia Ridge Logistics Park is ideally located on the main routes between Durban and the fast-growing Durban North region and is also in close proximity to the Dube Trade port, which has been designated a special economic zone, as well as King Shaka airport,” said Konrad Kohler, the Development Manager at Fortress.
Construction commenced in April 2018 and completed in December. The land on which the Cornubia multi-use development is situated was purchased from Tongaat-Hulett by Fortress and M&F Giuricich Developments in 2016.
The development of the Cornubia Ridge Logistics Park forms part of Fortress strategy to expand its logistics-focussed asset base to approximately two thirds of its total portfolio by 2020.
“Although the domestic economy still faces some strong headwinds we remain cautiously optimistic about the logistics sector,” said Kohler. “There is certainly space for further growth because even in a fairly stagnant economy there is still need for distribution of products.”
Makro is owned by Massmart, a JSE listed company which is in turn 51% owned by Walmart, the US based retail company operating all over the world. Makro currently has 22 stores countrywide.
Source: SA Commercial Property News http://www.sacommercialpropnews.co.za/south-africa-provincial-news/kwazulu-natal/8963-makro-expands-in-durban-booming-cornubia.html