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Africa|Tourism
Africa|Tourism
africa|tourism

V&A plans R20bn Granger Bay development

11th December 2024

By: Bloomberg

  

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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 m2, two-thirds of which will be for Granger Bay, spokesperson Donald Kau said.

The company that’s jointly owned by government-worker pension-fund manager Public Investment Corporation and Growthpoint Properties, 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 harbour.

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 m from its current location to make way for the new developments, Kau said.
 

Edited by Bloomberg

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