Investec Property is redeveloping the old Corobrik site in Durban’s northern corridor into one of the largest logistics and business parks in KwaZulu-Natal.
Strategically located between Riverhorse Valley and Umhlanga, The Brickworks will provide world-class facilities to a wide range of users by offering accessibility to major arterial and alternative road networks.
Investec Property estimates the total development (over 3 phrases which includes the top structure) to be valued at over R6 billion on completion.
“Investec Property, a subsidiary of Investec Bank, is proud to be the development company spearheading the creation of what is set to be an iconic industrial park”, comments joint-CEO, David Rosmarin.
“We believe that this development is also a vote of confidence in the future of KwaZulu-Natal and South Africa. While the property market has been challenged by the pandemic and lockdowns, industrial property, in particular warehousing and logistics facilities, have proven to be resilient. The growth in e-commerce has driven demand for best-in-class logistics offerings”, he says.
With the commencement of the top structure development scheduled to begin during the second half of 2022, the redevelopment represents one of the largest earthmoving contracts in the province currently, with the movement of 1.7 million cubic meters of earth to create extensive platforms.
“Our large platforms will allow for the construction of warehouses, up to 100 000m2 under roof. This is our biggest strategic advantage, having access to platforms of these sizes. The market has responded positively, and we are in discussions with numerous users and clients,” says Investec Property’s Iain Burns, Development Manager of The Brickworks.
Rosmarin explains that the first phase of construction will result in approximately 150 000m2 of gross lettable area (GLA), worth close on R2 billion. Once all 3 phases have been developed, The Brickworks will measure more than 450 000m2 of GLA.
The Corobrik factory originally opened in 1898 and for more than 100 years, it provided brick materials to a range of construction users and property developers.
“Investec Property has developed some of South Africa’s most prominent and progressive world-class properties over the past four decades. We are proud to be able to bring a business and logistics park of this size and stature to the region” says Rosmarin.
The Brickworks is also a victory for the City of eThekwini, as it forms part of the city’s Economic Development Incentive Policy (EDIP), which aids investment in the city and contributes to job creation.
