How much the V&A Waterfront makes in a month

The V&A Waterfront in Cape Town makes over R140 million each month in profit, with the property’s income boosted by increased tourism in the last six months of 2024.

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.

During December 2024, it attracted over 3 million visitors and achieved record retail sales of almost R1.4 billion.

The V&A is co-owned by Growthpoint Properties and the Public Investment Corporation, with each owning a 50% stake.

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

The company recently released its results for the six months through December 2024 – the first half of its 2025 financial year – which revealed a strong performance for the real estate giant.

Growthpoint’s distributable income per share increased by 3.9% to 74 cents per share compared to the first half of its 2024 financial year.

The company’s loan-to-value ratio – which measures the proportion of its portfolio’s value that is financed through a loan – decreased from 42.3% to 40.8% in the six-month period.

The value of Growthpoint’s total property assets decreased in the half-year, down 11.2% from R174.7 billion in June 2024 to R155.2 billion.

However, this is largely due to disposals made in the half-year, as Growthpoint sold its stake in several assets as part of the company’s strategy to optimise its investments, simplify its business and focus on core assets and markets.

The company’s vacancy rates were also healthy in the six-month period, declining to 8.1% across the portfolio and 7.9% in South Africa.

V&A Waterfront

Growthpoint’s interim results also provided investors with insight into the V&A’s performance over that six-month period.

The company reported that the V&A Waterfront’s performance exceeded expectations for the first half of 2025, driven by increased domestic and international tourism.

The V&A delivered a 16.6% like-for-like increase in net property income due to this increased tourism and the positive impact this had on retail, hotels and attractions in the area. 

Growthpoint’s 50% share of distributable income increased by 4.5% to R398.2 million after taking into account increased net finance costs on external borrowings in line with their funding strategy.

However, the company warned that the redevelopment of two

the Lux Mall, which commenced in July 2024, and the Table Bay Hotel, which has been closed since February 2025, will have a negative impact on the 2025 financial year’s performance. 

“Both redevelopments are scheduled to open towards the end of 2025,” it said. 

“The V&A Waterfront anticipates achieving mid-single-digit growth for FY25.”

Growthpoint reported that the V&A made a consolidated profit before tax of R421 million in the interim period. However, this figure only represents the company’s 50% stake in the V&A.

Therefore, the V&A made a total consolidated profit before tax of R842 million over the six-month period, which equates to R140.33 million every month.

The largest share of this income consists of equity-accounted investment profit, and the dividends and interest received on these investments.

Growthpoint’s interim results did not specify what the V&A’s vacancy rate was during this period, but its latest vacancy figure was exceptionally low, at 0.3%. 

For comparison, South Africa’s largest mall, Fourways Mall, has a vacancy rate of 17.9%.