R2.1bn investment drives Durban's Cornubia development, with 2,000 jobs expected
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Construction is nearing completion on the first phase of the R2.1 billion Cornubia development in northern Durban, which includes a Leroy Merlin retail project and future commercial facilities.
Construction is nearing completion on the first phase of the R2.1 billion Cornubia development in northern Durban, with the first phase expected to be finished by December. The development by Fundamentum includes a R200 million Leroy Merlin retail project, while later phases are expected to include the Emeris campus, which could accommodate about 8,000 students, as well as additional commercial facilities.
eThekwini Municipality mayor Cyril Xaba visited the development on Monday, accompanied by Fundamentum CEO Carlos Correia and the municipality's senior management team. Approximately R500 million has already been committed to infrastructure in the precinct and the Leroy Merlin development.
“We are excited that the investment being driven by Fundamentum in the Cornubia business park is a strong demonstration of private-sector confidence in our city and in the future of Cornubia,” Xaba said.
Fundamentum already has more than R8 billion worth of assets in eThekwini, including Westown Square in Shongweni, Bridge City Mall in KwaMashu and Midway Crossing Mall in Newlands West.
About 2,000 jobs are expected from the development. The Leroy Merlin store is expected to open on 16 December.