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Ballito: Booming Business Property Market


A commercial property boom is the natural consequence of the growth of Ballito as the capital of the Dube Corridor in KwaZulu-Natal. This is the view of Louise Gibson, MD of Comprop, the leading commercial property management company in the greater Ballito node.

"Ballito's growing city status is not insignificant for what was once a small seaside town, yet for most of the country the node is still seen largely as a holiday destination", she says. "The development of fiercely competitive retail centres and their continued growth has attracted some attention, but this is not the only area of the business property market that is set to prosper. "

Gibson comments that the establishment of the Ilembe Chamber of Commerce and Industry is another milestone for Ballito, and a symbol of the growing recognition of its potential and business status.

"Over the past 3 years, there has been some growth in the commercial property sector, but the market has not performed to the expectation of many stakeholders. National developers and investors have yet to make a dent in the commercial property potential of the area. However, indicators show that reticent, "wait and see" attitudes of the past are shifting".

The establishment of the King Shaka International Airport and the Dube Trade Port is undoubtedly having a direct influence on the positioning of the node with regard to business, and there are a number of new developments on the cards for 2011. Top of the list for Comprop, as project promoters and facilitators, is a new leisure complex, to be known as The Quarter, to be developed adjacent to the first dedicated conference centre in Ballito. The Quarter will provide destination-retail unlike any other in the node comprising a vibrant mix of leisure outlets from food to sport. These new developments promise to provide impetus for Ballito's growth as a full-service business destination.
"The gradual recovery of the market in 2011 towards full recovery by the end of 2012 will be clearly evidenced in the area", she believes. Notwithstanding this upbeat outlook, Gibson is mindful that at present all property sectors are still under strain as the banks remain reluctant to lend money without large amounts of equity and strong cash flows in place. Tenants are battling to keep business profitable and there is the inevitable pressure on occupancy with rental rates being negotiated in a mutual attempt to sustain the commercial economy.

She says that there are most certainly some good investments available in Ballito for serious investors who take a long-term view on their property portfolios. Gibson concludes that all factors considered, 2011 holds the start of renewed optimism in property, and Ballito - as the diamond of the Dube corridor - looks set to shine very brightly.

032 946 2727 / 0861 COMPROP

Source Ballito News - Ballito's online newspaper for Ballito

Ballito: Booming Business Property Market

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