Businesses are busy assessing and repairing the damage to property caused by days of looting, arson and vandalism in KwaZulu-Natal.
Our thoughts go out to all our clients who have been affected by this, some of whom are included in the R 1.5 Billion stock losses experienced in Durban.
Warehousing
With the rebuilding and repairing, there has been an increase in demand for vacant warehouses.
Here is a list of some that we have on our books currently. Please click to view the full details of each property and contact the relevant broker:
The SA Property Owners Association (Sapoa) have been updating their estimates on the number of properties affected. As of 22 July, there was extensive damage to:
- 161 Shopping Malls
- 11 Warehouses
- 8 Factories
- Over 200 Liquor Outlets and Distributers
Insurance
The majority of businesses with insurance will be covered by Sasria (South African Special Risk Insurance Association). The good news is that Sasria collected 11% more premiums than the previous year of around R2.4bn and enjoyed a claim decrease the year before, so their balance sheet is healthy.
Unfortunately, Sapoa estimate the impact to the KZN GDP to be 20 Billion!
The Future
As reported by BusinessTech, along with the Covid-19 third wave and the associated harsher lockdown restrictions, the events of the past week will put significant strain on economic activity according to economists at the Bureau for Economic Research (BER). Read the full article here on the 8 ways the last week of violence and looting will hammer South Africa.
Herman Chalupsky had this to say:
"Like a Phoenix rising from the ashes, the Durban Industrial and Commercial Property Market will come back stronger than ever."
