Nedbank has announced that it will be investing R1 billion into the mixed-use “Park Square” development that will be built in Umhlanga, KZN.
Nedbank will finance the development, and will occupy around 50% of the 40,000 square metre floor space, which will offer a mix of office space and retail space.
The office space will span five blocks along the perimeter of the development site, while the retail space will be on the ground level surrounding a public piazza.
According to Nedbank, the group sees KwaZulu Natal and the Umhlanga region in particular as “vital retail hub” for South Africa, and the R1 billion investment demonstrates its confidence in the region.
Like many of Nedbank’s other development initiatives – such as its regional office in Menlyn Maine – the Park Square development will also have eco-friendliness in mind, and will have a 4-star Green Star rating.
Development has already started, with occupation scheduled for the fourth quarter of 2018.
The development is being designed by MAP Architects, which have released these conceptual designs: