FundamentumPropertyGroup's founder - Carlos Correia speaks on pushing ahead with the development of the new mixed-used mini city in WestownShongweni despite the riots that rocked KZN in 2021 on PropertyPod with SurenNaidoo. Download the podcast below.
It’s almost two years since the devastating KZN riots which shocked South Africa and the world. But how is KwaZulu-Natal doing? Have investor confidence levels picked up, and who are the investors?
“The initial purchase we did of this parcel of land in the Outer West, in Shongweni, was back in 2016. At the time, we really were purchasing 85 000 bulk square metres, and the focus was to do a regional mall. “After a lengthy period of negotiations with Tongaat Hulett, we decided to acquire the development rights that surround the initial purchase of the first 85 000m2. So we ended up buying another 430 000-odd bulk square metres and the development rights.”
“I think one of the things we needed to address was bulk infrastructure because Tongaat Hulett was not in a position to do that. We had then acquired the development rights – and our relationship with eThekwini [municipality] goes back many, many years. We have developed substantially in some of the disadvantaged areas here in eThekwini, and we had to go to the city to assist us.”
“This infrastructure had gone to tender. We then appointed Stefanutti Stocks, and late last year, Stefanutti Stocks started with the bulk infrastructure. Right now, the roads are being developed; [there’s] a road called Kassier Road that cuts across the west.” “Earlier, I mentioned the word ‘hindsight’ and maybe how difficult Covid was for everybody, as well as the rioting in our province. But in hindsight, we were able to also relook at retail.”
“The other part of the question was about tenants. I think retail is quite robust. I think South Africans are robust, but retail is quite robust. I’m always astounded. I follow your podcast [and] the articles about how retail is bouncing back – and yes, sometimes they have challenges. “So we were in the fortunate position of being able to design and look at our tenant mix with different eyes. We were able to look at maybe a more aggressive yield and return and get the right tenant mix. And yes, as we talk today, it’s going to be anchored by a Checkers Hyper, an 8 500m2 Hyper. Along with that, they bring all their other brands, the outdoor brands, Checkers Little Me, Uniq Clothing, Petshop, and the liquor stores. Pick n Pay is in there as well as a food anchor.
“We really were looking to focus more in KZN at the time, although we had assets that we still own in Gauteng and in the Free State.” “When it comes to Fundamentum’s development in the Outer West, in Westown, we have an empowerment group that owns 12.5% called OuterWest Investments … That’s headed by Dr Nomzamo Tutu and Senzo Masengemu.”
“Those companies are still invested here. I think the riots were a very, very sad [event] that happened to the province. But we came out of the riots, in my view, and we [thought] how do we make things better? How do we turn things around where people may be saying, well, KZN is not a place to invest.”
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
PMI plunges to its lowest level since 2021 | City PressThe seasonally adjusted Absa Purchasing Managers’ Index (PMI) - a measure of confidence in the manufacturing sector - plummeted to its lowest level in June since 2021, pointing to a contraction of the sector in the second quarter of 2023
Read more »
The children who carry a 'heavy burden' – the crushing reality of child-headed households | News24Unlike many of his peers invested in the latest social media trends or spending time at the malls, 15-year-old Sipho* has to juggle his school work and take care of his younger siblings. | YoliswaSobuwa
Read more »
OPINION | Why terminating Zimbabwean exemption permits was invalid, unlawful and unconstitutional | BusinessThe high court handed down a landmark judgment where the decision not to extend the longstanding ZEP after 31 December 2021 was found to be invalid, unlawful, and unconstitutional.
Read more »
French University to Return Human Remains to Tanzania, NamibiaThe University of Strasbourg in north-east France has undertaken the task of verifying the origins of its collections of human skulls, bones, and other remains that were collected in the wake of abuses under German colonial rule in Namibia and Tanzania. In March 2023, Namibia's Ovaherero Genocide Foundation requested the return of human remains obtained after the massacre of Ovaherero and Nama people by German troops in Namibia between 1904 and 1907, considered the first genocide of the 20th century which Germany formally recognised in 2021. The Namibian request followed another by the Moshi province of Tanzania in January 2020, seeking the restitution of remains belonging to the Wachagga people from around Mount Kilimanjaro. Many of the group's leaders were killed after resisting colonial rule. Vice-President of the university and chair of the scientific council, Mathieu Schneider, said holding on to objects and human remains obtained during colonisation might be a problem if "we want to have a peaceful dialogue between Europe and Africa." The University of Strasbourg has 110 human artefacts - skulls and bones - in its collection, obtained during Germany's colonisation of Africa in the late 19th and early 20th century.
Read more »
West Africa: Google News VP to Speak At CJID's West Africa Journalism Innovation Conference"To assure the depth of the information from WAJIC, we diligently brought together experts, mobilizers, and significant actors from numerous fields worldwide."
Read more »