Investec Property is to redevelop Durban’s old Corobrik site into one of the largest business and logistics parks in KZN. The Brickworks is being positioned to attract large users of warehousing and logistics space, nationally and internationally
In a vote of confidence for KwaZulu-Natal, Investec Property is redeveloping Durban’s Corobrik site, located in Durban’s northern corridor. Investec Property estimates the total development over three phases including the top structure will be valued at over R6bn on completion. The Brickworks will become one of South Africa’s most pivotal logistics and distribution hubs due to its superior location, access and security.
“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,” joint-CEO David Rosmarin says.
“We believe this development is a vote of confidence in the future of KZN 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.” Strategically located between Riverhorse Valley and Umhlanga, The Brickworks will offer world‑class facilities to a range of users, with the capacity to store and distribute goods without them being compromised.
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The development currently represents one of the largest earthmoving contracts in KZN, moving 1,7 million cubic metres of earth to create extensive platforms. The commencement of top structure development is planned to begin in the second half of 2022. “Our large platforms will allow for the construction of warehouses with up to 100,000m2 under roof. Having access to platforms of this size is our biggest strategic advantage. The market has responded positively, and we are in discussion with numerous users and clients,” says Investec Property’s Iain Burns, development manager of The Brickworks.
The site is exceptionally well located and the logistics park’s access to major arterial and alternative road networks offers a strategic advantage to users. The major infrastructure improvements and top structure developments will also provide significant job creation opportunities. Rosmarin explains that the first phase of construction will result in approximately 150,000m2 of gross lettable area (GLA), worth close to R2bn. Once all three phases have been developed, The Brickworks will measure in excess of 450,000m2 of GLA at an estimated value of R6bn.
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 reinvigoration of the factory site will bring ongoing sustainable long-term economic stimulus to KwaZulu-Natal.