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How a derelict harbour became the V&A Waterfront, SA’s most valuable real estate

23 October 2019 3:49 PM
Tags:
Tourism
Cape Town
The Money Show
Bruce Whitfield
PIC
Public Investment Corporation
V&A Waterfront
Property
Growthpoint
David Green

Thirty years ago, it was stinky and derelict. Today, it employs 23 000 people and ranks among Africa’s most visited places.

It’s a neighbourhood of Cape Town… 30 years ago it was derelict… We’re the premier office node… Retail is strong. We’ve got 15 hotels… premier residential accommodation… It took amazing vision…

David Green, CEO - V&A Waterfront
The V&A Waterfront in Cape Town. Picture: Pixabay.com

The economic impact of Cape Town’s swanky V&A Waterfront is “beyond excellent”, according to this new report.

The Waterfront is far outperforming the rest of the country’s economy, lifting its owner Growthpoint’s results.

Did you know?

  • The Waterfront contributed R31.5 billion to South Africa’s total GDP in 2018.

  • In 2017, economic activity at the Waterfront grew by 13.5% (compared Western Cape GDP growth of 0.5%).

  • 23 000 people are working at the Waterfront (direct jobs). If including indirect jobs, the total rises to 66 000.

  • The Waterfront is South Africa’s most valuable real estate. Growthpoint and the PIC bought it in 2011 for R10 billion – the largest property transaction in South African history.

  • The last published valuation was R20 billion.

  • 396 businesses are operating at the Waterfront.

The Money Show’s Bruce Whitfield interviewed V&A Waterfront CEO David Green.

Listen to the interview in the audio below (and scroll down for more quotes from it).

We’ve had an apartment going for R120 million. It’s an oasis inside of Cape Town. It’s very secure.

David Green, CEO - V&A Waterfront

People want to live and work in the city centre…

David Green, CEO - V&A Waterfront

We are anticipating a good tourism season… It’s the New York Times’ most desired place to visit… Longer-term; the potential is huge… it’s not unrealistic to talk about doubling the number of tourists.

David Green, CEO - V&A Waterfront

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23 October 2019 3:49 PM
Tags:
Tourism
Cape Town
The Money Show
Bruce Whitfield
PIC
Public Investment Corporation
V&A Waterfront
Property
Growthpoint
David Green

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