Recently valued at $1 billion (approximately R 14 billion), the V&A Waterfront continues its legacy as an icon of Cape Town commercial property – almost 30 years after it was first developed.
A modern commercial hub with a long history
History buffs will know that the first jetty at the Cape of Good Hope was built during the time of Jan van Riebeeck. Keen to establish a trading post for merchant ships, he started a trend which continues to this day – but in grander style.
The V&A Waterfront was designed and developed in the late 1980s as a wholly-owned subsidiary of Transnet which was subsequently sold to private investors.
Combining a working port with a luxury shopping and hotel district, the Waterfront gained huge popularity in the 1990s and early 2000s and Cape Town experienced strong tourism growth. Before long, office buildings, the construction of the CTICC and Convention Tower, and expansions of the Waterfront’s retail areas would follow.
The heart of Cape Town’s commercial property revival
Today the Waterfront resembles a small city, with luxury apartments, 5 and 6-star hotels, offices and the newly developed Silos adding to the skyline which is set against the Atlantic ocean.
As the Cape Town CBD continues to develop – with most commercial property projects being built near the Waterfront in the Foreshore region – the V&A has become the commercial heart of a thriving inner-city.
A thriving development that keeps getting better
Having made a massive R200 billion contribution to South Africa’s economy over the past decade, the V&A remains as popular as ever.
The unique combination of shipping, retail, commercial premises, and luxury accommodation has resulted in a secure and luxurious environment with a lifestyle resembling jetset capitals like Monaco, Dubai and the French Riviera.
Simply put, the elements that make up the Waterfront have come together as a winning formula.
As the V&A looks to the future with new expansions in the pipeline, its continued success bodes well for the development of Cape Town’s CBD.
If you’re looking to rent or buy a commercial property in the Waterfront/Foreshore area, contact us today. Our area experts are on hand to guide you through our extensive portfolio of office premises.