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V&A set for R20bn upgrade, expected to be rolled out in phases

Posted by IOL Property on March 12, 2024
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Cape Town – The V&A Waterfront is set for a R20bn upgrade which is expected to be rolled out in phases over the next 15 to 20 years and plans to break ground in the year 2025 which will bring an influx of tourism, economic, residential, cultural and job opportunities.

According to V&A Waterfront’s planning team this is probably the single biggest infrastructural investment in the city since the Soccer World Cup.

This week Eddie Andrews, the city’s deputy mayor and Spatial Planning and Environment Mayco member, said the plans would go ahead with the input of the city and the public this year.

“The application is pending as the applicant is currently undertaking some specialist studies that are required before public participation can commence,” he said.

“The application will be advertised for public participation by the end of June 2024, if all goes as planned.”

The V&A is one of the most visited destinations in Africa and attracts about 25 million people a year.

Donald Kau, communications manager for the V&A Waterfront confirmed a R20bn injection for development.

He said they were in the process of applying for an additional 440000m² in development rights across its entire current footprint, with the majority of new build planned to be in the Granger Bay precinct.

It is envisaged that Granger Bay would be developed as a residentially led, mixed-use development with significant public and cultural amenities, including re-establishing public access to the ocean edge.

The R20bn development plan is intended to be rolled out in phases over the next 15-20 years with plans to break ground in 2025.

Kau added they were waiting for the approval from the city.

“In order to obtain approvals from the authorities, a land use application has been submitted to the City of Cape Town and should be advertised for public comment in the first half of this year.”

The rezoning application would allow the V&A Waterfront to move into the next development phase, having successfully developed the Silo, and the Canal districts recently and it provides a compelling opportunity to expand the Waterfront’s public spaces, contribute to economic growth, job creation, and create new access to the sea,“Kau said.

Some of the key features for planned developments on the Granger Bay site would include: a public walkway linking the city centre to Mouille Point, which would connect with the current Atlantic seaboard promenade, a new bay area created by coastal protection, suitable for watersports, opening up public access to a new protected area suitable for swimming, with adjoining public amenities.

“We anticipate making more detailed announcements about our proposed development plans soon and we will be bound by the planning governance process led by the City of Cape Town, as the municipal planning authority, and look forward to providing more detail regarding our plans and vision at the appropriate time,” he added.

Kau added the V&A Waterfront is funding its development.

“The V&A Waterfront is jointly owned by the Government Employees Pension Fund (represented by Public Investment Corporation SOC Ltd) and Growthpoint Properties Limited who are the largest property investment company on the JSE,” he said.

Previously, Growthpoint CEO Norbert Sasse said while the Public Investment Corporation (PIC) and Growthpoint paid R9.2bn for the development in 2011, it values it today at just under R20bn which makes up about 2% of the Western Cape’s economy and adds 28000 jobs to it.

Weekend Argus also approached ward councillor, Ian McMahon, but said he could not comment prematurely as he had yet to be given formal insight into the plans while Sea Point, Fresnaye and Bantry Bay Ratepayers and Residents Association queries went unanswered.

Mayco member for Economic Growth, James Vos, said as of January 1, 2024, Cape Town’s status as tourism destination had seen an increase in the number of flights landing in the Mother City.

He said in the 2022/2023 season, aviation brought in R24 billion and 10 600-plus jobs into the Cape.

For the 2023/2024 festive season, about 215 international flights have landed every week since the start of summer, with approximately 31 000 passengers a day passing through the airport.

He said he could not comment independently on the V&A’s revamp as it was for the city to respond.

genevieve.serra@inl.co.za

Weekend Argus

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