V&A Waterfront-owners pump R20 billion into expansion

Cape Town’s V&A Waterfront plans a R20 billion expansion of the adjacent Granger Bay precinct and has sought permission from authorities in South Africa’s second-biggest city for the development. 

V&A — one of the continent’s most visited tourism and retail destinations — has asked the local council to approve an increase in its permissible development rights to 440,000 square meters, two-thirds of which will be for Granger Bay, spokesman Donald Kau said.

The company that’s jointly owned by government-worker pension-fund manager Public Investment Corp. and Growthpoint, the country’s biggest listed real estate firm, expects a decision in the first quarter of 2025, he said.

Valued at more than R23 billion, the V&A is among Africa’s most valuable property assets, comprising hotels, art galleries, an aquarium, offices, residences and a functioning harbor. 

The historic Granger Bay precinct lies to the west of the V&A 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, Kau said.