How much the V&A Waterfront makes every month

The V&A Waterfront made R3.12 billion in revenue and R1.87 billion in net property income for the 2025 financial year.

This translates to monthly revenue of R260 million and net income of R155.5 million each month.

The V&A Waterfront is a 123-hectare mixed-use property development situated in and around the historic Victoria and Alfred basin, which formed Cape Town’s original harbour. 

Its properties include retail, office, fishing, logistics and industrial, hotel and residential, as well as undeveloped bulk.

It is one of Africa’s most visited tourist destinations, attracting over 24 million visitors every year.

The V&A is jointly owned by South African real estate giant Growthpoint, which has a 50% stake, and the Public Investment Corporation, which owns the other half.

Growthpoint is the largest real estate investment trust listed on the JSE, with a portfolio of around 492 properties spanning various categories, sectors and geographies.

Growthpoint’s recently released results for the year ended 30 June 2025 provided insight into the V&A’s financial and operational performance.

The property recorded total revenue of R3.12 billion for the year, a 16.55% increase from the 2024 financial year.

The V&A’s net property income was R1.87 billion, up 3.32% year on year. However, it recorded a profit of R3.06 billion from continuing operations, which reflects an over 25% decline from 2024.

This was largely due to a significant jump in costs, with the V&A’s property-related expenses shooting up by 43.97% to R1.25 billion in 2025.

Operationally, the V&A performed very well in 2025, with a low vacancy rate of 0.3%. The property is valued at R53,222/m² or R26.89 billion.

The property has a gross lettable area of 506,860 m² and receives monthly gross rental of R489.10/m².

Expanding the V&A Waterfront

While the V&A Waterfront is already one of the country’s biggest and busiest precincts, its owners are planning a R20 billion expansion for the property’s adjacent Granger Bay precinct.

In December 2024, the property’s owners asked the local council to approve an increase in its permissible development rights to 440,000 m², two-thirds of which will be for Granger Bay.

The historic Granger Bay precinct lies west of the V&A Waterfront and includes the Oranjezicht City Farm Market, which would move by about 200 meters from its current location to make way for the new developments.

In addition, the company announced in March 2025 that Dolce & Gabbana, Louis Vuitton and Gucci are set to anchor a new luxury retail development in the V&A.

The V&A is tripling the size of space available for rent to luxury retailers to almost 4,000 m² in a dedicated new wing.

This move was inspired by the growing demand for high-end goods in Cape Town, which is also highly popular among international tourists.

While these luxury powerhouses already have stores at the V&A, they are dispersed among its other retail outlets. 

V&A Waterfront CEO David Green said the new development will bring the mall’s luxury retailers under one roof, with store space for the three brands set to double.

The new R207 million development expects to add as many as six new brands, including Capri’s Versace, to existing offerings like Burberry and MaXhosa Africa.

Green said that the V&A’s new development will “narrow the gap” with the Johannesburg-based luxury arcade known as The Diamond Walk in Sandton City.

While Joburg remains the wealthiest city in Africa, Cape Town is closing in one the top spot quickly, as it has 8,500 dollar millionaires and more centi-millionaires and billionaires than Johannesburg.

According to the Henley & Partners in its Africa Wealth Report 2025, Joburg is currently home to 11,700 dollar millionaires, reflecting a decline of 35% over the past decade, while Cape Town has seen its number grow by 33%.