The V&A Waterfront enjoyed an exceptional December, attracting over 3 million visitors and achieving record retail sales of nearly R1.4 billion.
“The December period is always special at the V&A Waterfront, with locals and tourists coming to experience the best of what we have to offer, and this year was no exception,” said David Green, CEOr at the V&A Waterfront.
“With over 3 million visitors for the month and 25 million visitors for the year, this reflects the incredible appeal of the Waterfront as a destination where people come to connect, celebrate, and create memories.”
Co-owned by Growthpoint Properties and the Government Employees Pension Fund, the V&A Waterfront has active projects worth R4.5 billion underway over the next two years. Funding for these developments is being arranged through debt providers on the Waterfront’s balance sheet.
The upcoming projects include a new hotel and residential units, alongside the redevelopment of the Table Bay Hotel and a section of the mall.
Approximately R2 billion of the investment will be directed toward two internationally branded hotels at the V&A Waterfront, including a R1 billion transformation of the iconic Table Bay Hotel into an InterContinental Hotels Group (IHG) property.
The reimagined hotel will offer 306 rooms, including 45 newly designed guest suites. Scheduled to open in 2025, the InterContinental Table Bay Cape Town aims to both preserve the hotel’s legacy and usher in a new era of luxury hospitality in the region. The hotel will be managed by Sun International under a hotel management agreement.
In addition to the Table Bay redevelopment, the development includes a new hotel at Quay 7 for approximately R1 billion, around 100 residential units worth approximately R750 million, and an upgrade of the luxury section of the mall, totalling just over R100 million.
A new parking facility will be added for R300 million, and a new heliport, costing about R150 million, has already been completed.
Significant capital is also being invested in bulk infrastructure at the site to support the new developments, which will span just under 100,000 square metres.
The V&A Waterfront also expanded its retail offering with the opening of the repurposed Union Castle Building just in time for the festive season.
This welcomed high-profile tenants such as Marble Restaurant, Nike, Thule, and Wedgewood. These new additions, alongside other tenant mix enhancements—including the enlarged and relocated Yuppiechef and Mr Price outlets—helped drive nearly double-digit sales growth.
More than R10 billion was spent within the precinct in 2024.
“During the year, we saw sales growth across most categories, but some sectors stood out. Our enhanced restaurant offering and Food Markets drove significant Food and Beverage revenue,” Green noted.
Increased international tourism helped boost performances at the revamped Watershed, Curios, and jewellery sectors. Athleisure and outdoor wear continue to see growing demand, and Health & Beauty remains a perennial favourite. In fashion, the retail space is seeing stronger performances from independent and differentiated stores.
“Looking ahead, our ongoing investment plans will ensure that the V&A Waterfront continues to innovate and evolve, keeping South Africa’s tourism offering at the forefront of global travel trends, for both local and international visitors to enjoy,” Green concluded.