V&A Waterfront set for massive £193 million redevelopment
Cape Town's iconic V&A Waterfront is poised for a substantial £193 million redevelopment over the next decade, with £180 million earmarked for investment in the next two years alone. Growthpoint Properties' CEO, Norbert Sasse, announced the plans during the firm's financial results presentation in Sandton.
The ambitious project, funded by Growthpoint and the Public Investment Corporation, will focus on developing five-star hotels, leisure facilities, residential spaces, and retail areas. A significant portion of the investment, approximately £80 million, will be dedicated to two internationally branded hotels, including a £40 million transformation of the Table Bay Hotel into an InterContinental property.
The revamped InterContinental Table Bay Cape Town, set to open in 2025, will boast 306 rooms with spectacular views, a new pool bar, spa, and upgraded facilities. Sun International will manage the hotel under a management agreement.
Despite recent operational challenges and higher interest rates, Sasse expressed optimism about the investment, citing a positive shift in sentiment and future growth in the property sector. He also revealed plans for a £28 million residential development and potential future expansion around Granger Bay, pending additional development rights from the City of Cape Town.
Source: BizCommunity