DELTA COMPLETES ONE OF THE LARGEST INVESTMENTS IN NEW COMMERCIAL SPACE IN DURBAN
Category Property news
JSE listed Delta Property Fund (“Delta” or “the Fund”), a specialist black-managed and substantially black-owned REIT with a significant strategic presence in the Durban CBD, today announced the completion of its R156 million refurbishment to the showroom and parkade leased to Combined Motor Holdings (CMH) Durban, KwaZulu-Natal’s largest Nissan dealer.
The refurbishment of the showroom, located at 192 Dr Pixley Kaseme Street, Durban was completed over a 12 month period and includes the development of a new dealership showroom and multi-storey, 450 bay parking facility for CMH.
“This R156 million development represents one of the largest investments into new commercial space in Durban’s CBD in recent times. It is a prime example of how Durban’s CBD can sustainably be rejuvenated if landlords, private sector business and government join hands and collaborate,” commented Sandile Nomvete, CEO of Delta.
CMH has equally invested significantly in the node and consolidated its brand new, state-of-the-art New Mazda Franchise along with the New Nissan dealership in the Dr Pixley Kaseme Street building, which also houses its First Car Rental Durban branch and administrative head office. Their lease has subsequently been extended to 15 years on completion of the project.
“We’re very excited to move back into our new, state-of-the-art home!” said Stuart Singleton, Dealer Principal.
“Retaining our presence in Durban’s CBD was very important to us – we are now the largest Nissan dealer in KwaZulu-Natal and apart from requiring additional parking facilities, the refurbishment includes the very best in showroom as well as ultramodern vehicle maintenance and service facilities”.
“As part of our commitment to the environment, the entire dealership has been fitted with green building technology, incorporating low energy lighting and the offices have all been installed with sensors to automatically switch lights off and only back on when someone enters the office.”
Delta is a prominent landlord with a number of strategic assets in the Durban and negotiations with the City of Durban’s eThekwini Municipality regarding its involvement in environmental management and security continues. Delta also plans on launching an exciting educational awareness campaign around its role in the Durban CBD rejuvenation.
CMH Nissan will start operating from their new premises at 192 Dr Pixley Kaseme Street from 1 December 2015.
Author: PROPERTYWHEEL
