Nedbank Corporate Property Finance has again demonstrated its continued commitment to supporting property development in previously under-serviced areas with the opening of the R360 million KwaMnyandu Shopping Centre in Umlazi, a township south-west of Durban.
Developed by KwaMnyandu Shopping Centre (Pty) Ltd over a period of 18 months, the 23 000 square metre mall is linked to the KwaMnyandu railway station in Umlazi, the second busiest station in KwaZulu-Natal (KZN). This location will ensure that the mall enjoys maximum foot traffic, while providing rail and commuters convenient access to shopping.
Anand Joseph, Regional Executive: Nedbank Corporate Property Finance in KwaZulu-Natal says, “At Nedbank, we have long recognised the value of public-private partnerships to deliver on government’s infrastructure and social development visions and objectives. We are proud to have played a role in enabling this shopping centre by having provided the financing required by the developer, and more importantly, ensuring sustainable growth and development of the community.”
Due to its proximity to the King Zwelithini Stadium and the Mangosuthu University of Technology, KwaMnyandu was identified as a key education and sporting development node within the urban regeneration plans. According to Carlos Correia of KwaMnyandu Shopping Centre (Pty) Ltd, the development will not only aid to wards job creation, but will also contribute to the socio-economic enhancement of the area. The centre features a contemporary design and a tenant mix which includes national fashion heavyweights including the Foschini Group, Mr Price Group, and the Edcon Group among others. More notably, the centre will house Umlazi’s first-ever McDonald’s as well as a Pick ‘n Pay store, with the other anchor being Shoprite. Currently the shopping centre consists of a 89% national tenant mix.
“Nedbank is excited about the potential for further growth within the KZN region. As a bank, we have invested in various initiatives in the region including the recent financing of the new Lion Match Head Office in the Point Waterfront area. The launch of the Go!Durban transport network – a significant infrastructural investment – may very well position the KZN region for increased sustainable growth in the medium term,” concludes Joseph.