Maritzburg real estate loses its lustre
New R400m project in KZN capital unlikely to woo back investors
Over the past 15 to 20 years property developers have tried to pull KwaZulu-Natal's capital, Pietermaritzburg, out of a dire financial position, but their interest in the town has begun to wane. Developers say Durban is offering much stronger demand than its smaller cousin, and Liberty Two Degrees' (L2D) recent R400-million injection into a mall in Pietermaritzburg is likely to be the largest commercial property investment for a while. This significant real estate investment involved an extension to Liberty Midlands Mall, by far the most dominant shopping centre in the town. Some developers are working on much smaller commercial projects in Maritzburg and the greater Midlands area, but the business case for the town is weak. The Msunduzi local municipality, in which Pietermaritzburg lies, is held back by corruption and poor management. According to a November report from Auditor-General Kimi Makwetu, the financial statements submitted by Msunduzi for the financial year ending in Jun...
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