The V&A Waterfront is a 123-hectare mixed-use destination, and one of Africa’s most visited cultural and historical hubs. Set on the edge of a natural, historic working harbour with the iconic Table Mountain as its backdrop, it offers local and international visitors a cosmopolitan mix of experiences ranging from leisure, shopping and exclusive entertainment. It also offers prime residential and commercial property. The prime positioning of the V&A Waterfront boasts sweeping views of the ocean, city bowl and mountain peaks. Up to 100 000 people visit every day during peak season.
Contributing R259.1 billion in nominal terms to the South African economy over the last twelve years, the V&A Waterfront’s cumulative contribution to the provincial GGP since 2002 was over R227 billion. The property also reported a 19% increase in retail trade sales for 2014, marking four consecutive years of consistent growth since 2011.
Total visitor numbers have grown to 24 million a year by 2015 (at year end). Although the V&A Waterfront remains South Africa’s favourite tourist attraction for international tourists they account for only 23% of all visitors. Visits by locals increased to 63%, while 14% of visitors were from upcountry.
With 22 official landmarks on-site, it is also part of South Africa’s historical legacy. Jointly owned by Growthpoint Properties Limited and the Government Employees Pension Fund (GEPF), represented by the Public Investment Corporation Limited (PIC), the V&A Waterfront was developed in 1988 by the state-owned transport corporation, Transnet Limited, while official commercial trading commenced in November 1990.