Durban industrial development launch
Following the recent sell out of FWJK’s second development known as Sugarstone Business Park at Cornubia, FWJK have now launched their final industrial development at Cornubia which is located on Lot 74 and offers a completely different product more in line with a “midi” complex where unit sizes vary from 1,220m² to 2,559m² and even bigger if required. The developers are able to adjust gridlines to provide more or less the size of unit that potential clients may require. The units suite a light industrial/warehousing type operator.
Blackburn Park, as it will be known, offers dedicated walled off yards as well as warehouse stacking heights of 7.5m. The complex will be fully sprinkled.
The project has been designed to come in at a selling range of R6,375/m² to R6,875/m² and will be sold on a co-development basis.
The Co-Development Process is a means of developing office and other buildings at cost for shareholders who would otherwise generally not be able to develop on their own due principally to the smaller scale of end user space requirements.
The process is simple and follows the procedure set out below:
- The Quantity Surveyors source the land and pay a non-refundable land deposit.
- A company is formed and shares in the company are issued to shareholders whose shareholding is equated to their sectional title (ST) office area divided by the total ST area.
- Co-developers are invited to participate in all aspects of the co-development process such as attending design meetings, etc.
- Minority shareholder interests are protected by entitling shareholders who are not core professionals to appoint at least three directors to the board of directors.
- Co-Developers contribute equity to the company equal to 30% of the estimated capital cost of the development.
- Co-Developers will stand surety for the development bond finance to the extent of their shareholding in the company.
- Every aspect of the development is tendered and shareholders take transfer of their section/s when the project is complete at actual cost to the company. The development company is then deregistered.
- There is no development profit added to cost.
- The principle behind co-development initiated during the last recession as a means to create professional work for the core Consultants who also invest in each of the projects as a display of good faith and to ensure that quality standards we expect for ourselves are delivered in the end product.
Cornubia Industrial and Business Estate comprises of approximately 90ha of industrial platform and will consist of roughly 90 industrial stands, ranging from 3 500m² to 10 000m² and larger, providing a total of 700 000m² of bulk.
The Estate offers attributes such as safety and security, traffic accessibility, environmental sustainability, attractive landscaped public spaces, proximity to labour pools and an excellent work environment which makes it a highly sought-after industrial and business estate north of Durban.