South Africa’s oldest working harbour changing in front of everyone’s eyes

Over the past decade, the V&A Waterfront has undergone a transformation that has increased its owner’s 50% stake from R7.8 billion to R16.2 billion.

Much of this expansion focuses on the Granger Bay District, where development will span residential, commercial, healthcare, educational, retail, and hospitality spaces.

The V&A Waterfront is the most notable development story in its owner Growthpoint’s portfolio over the past decade. Growthpoint holds a 50% stake in the precinct.

From its 2016 to 2026 financial year, Growthpoint’s 50% asset value in the V&A expanded from R7.8 billion to R16.2 billion. 

This growth was achieved through a decade of redevelopment and expansion at the historic landmark, with the V&A holding the moniker of South Africa’s oldest working harbour.

From 2016 to 2026, Growthpoint and the V&A have been executing a continuously evolving precinct blueprint for the waterfront.

One of the first major phases of the V&A’s development took place between 2016 and 2018, and centred on transforming its historic grain silo area into a cultural and commercial hub.

This phase delivered the landmark Zeitz Museum of Contemporary Art Africa, the Silo Hotel, and the Radisson Red Hotel.

Over the three-year period, the V&A completed 110,000 m² of bulk space, including blue-chip corporate offices such as Allan Gray and PwC, as well as the sold-out No. 3 Silo apartments.

The expansion of the Silo district and initial Canal district completions saw Growthpoint’s 50% valuation rise from R7.8 billion in 2016 to R9.6 billion in 2019.

The second phase took place between 2018 and 2023. As the Silo had reached completion, development shifted towards connecting the waterfront to the Cape Town CBD.

Over the same period, the precinct completed 20,000 m² of space at Waterway House, which was anchored by British American Tobacco, EY, and Ferrari.

It also redeveloped Dock Road Junction to house Spaces by Regus and South Africa’s first flagship Apple store.

In November 2018, the V&A Waterfront opened Battery Park, a three-acre urban public park built on top of a 1,200-bay parking garage.

The waterfront also welcomed major corporate offices over this period, including the 9,000 m² Deloitte building in the Portswood District.

From the 2020 to 2023 financial years, Growthpoint’s 50% stake in the V&A went from a value of R9.45 billion to R10 billion.

Financial Year	Growthpoint 50% Asset Value
FY16	R7.8 billion
FY17	R8.7 billion
FY18	R9.1 billion
FY19	R9.6 billion
FY20	R9.45 billion
FY21	R8.8 billion
FY22	R9.0 billion
FY23	R10.0 billion
FY24	R11.5 billion
FY25	R13.3 billion
FY26	R16.2 billion

The latest phase

From 2023 to today, the V&A Waterfront has focused on expanding its luxury offerings through retail expansions and hotel refurbishments.

It built a 3,759 m² wing extension to triple the space available for global luxury brands, welcoming names such as Louis Vuitton, Gucci, and Dolce & Gabbana.

The precinct also executed a R995.1 million refurbishment of the Table Bay Hotel, which reopened as the InterContinental Table Bay Hotel in December 2025.

Nearby, construction of the Cape Town EDITION hotel has been underway, with the hotel opening its doors to the public in October 2026. It features 142 rooms and six branded residences.

Over this period, Growthpoint also completed the 5 Dock Road residential development, transferring 97 out of 98 units in the 2026 financial year.

It has also commenced construction on Portswood Place, a 6,000 m² office building with expanded superyacht berthing facilities and a new Superyacht Marina.

One of the V&A’s biggest projects to date has been the expansion of Granger Bay.

In January 2026, the City of Cape Town approved an additional 440,000 m² of permissible development rights for this district. This forms part of the total 600,000 m² development runway.

Phase one of the Granger Bay Master Plan encompasses 200,000 m², with 55% dedicated to residential use, as well as commercial, healthcare, educational, retail, and hospitality spaces.

The developments in 2026 saw Growthpoint’s stake in the V&A rise to a record value of R16.2 billion, up 21.8% year-on-year.