The V&A Waterfront is preparing for one of the biggest expansions in its history, with plans that could see the precinct eventually double in size while preserving its heritage and public appeal.
Speaking at the Mouille Point Ratepayers’ Association Annual General Meeting on Thursday, May 14, the newly appointed CEO of the V&A Waterfront, Graham Wood, described the precinct as one of South Africa’s strongest examples of a successful public-private partnership.
According to Mr Wood, the V&A Waterfront is jointly owned by Growthpoint Properties and the Government Employees Pension Fund through the Public Investment Corporation (PIC).
Mr Wood said the ownership structure allows the precinct to balance commercial growth with transformation and economic development goals while remaining locally owned and managed.
“It is a South African asset owned by South African shareholders run by South Africans,” he said.
He explained that a major focus of the V&A’s future growth plans is ensuring that the precinct’s heritage and cultural identity are protected as expansion moves forward.
He said the V&A Waterfront, whose history dates back to the 1800s, has commissioned research into the origins of the V&A within the broader history of Cape Town and South Africa.
He explained that the research will help guide future developments, particularly the planned expansion into the currently named Granger Bay precinct, which he said is only a placeholder name for now.
“We’re going to use the opportunity through this origin story and the research that we’ve done to help craft the narrative and the identity of the V&A as we expand going forward,” he said.
“The V&A size-wise will probably double from the existing V&A once it’s fully developed out,” he said.
Mr Wood stressed that preserving the precinct’s history and character would remain central to the expansion plans.
“It’s very important that the grittiness and the fabric of the V&A as we all know it is now is respected and protected as we move forward,” he said.
Recent additions to the precinct include the Time Out Market Cape Town, the redevelopment of the Union Castle building, and the completion of the sold-out 5 Dock Road residential apartments.
Future developments include a new luxury edition hotel, additional residential rental apartments, a retirement living development, and the expansion of the Two Oceans Aquarium, including plans for a dedicated turtle conservation centre.
Despite growing luxury offerings, Mr Wood said inclusivity remains a priority for the precinct. “The V&A has got to be seen to be a place where everybody feels like they belong,” he said.
Touching on the numbers, Mr Wood explained that the precinct currently records around 25 million visits annually, contributes 1.52% to the Western Cape economy, and supports between 26,000 and 30,000 daily workers across tourism, retail, hospitality and transport sectors.
The meeting heard that the V&A also supports 433 small and medium enterprises and remains the single largest ratepayer in the City of Cape Town.
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