The V&A Waterfront is in the process of applying for an additional 44 000 square metre in development rights (the majority of which is planned for the Granger Bay precinct) for an R20 billion upgrade.
Also read: Marble to set fine dining on fire at the V&A Waterfront
Donald Kau, communications manager for the V&A Waterfront, says the plan is to develop Granger Bay as a residentially-led, mixed-use development with public and cultural amenities. It also includes the re-establishment of public access to the ocean edge.
He told IOL the plan is to roll out the upgrade in phases over the next 15 to 20 years, starting in 2025. ‘In order to obtain approvals from the authorities, a land use application has been submitted to the City of Cape Town and should be advertised for public comment in the first half of this year.’
Explore Cape Town and its surroundings with these incredible deals on cars for under R100 000. Find car listings here.
Furthermore, the rezoning application will enable the V&A Waterfront to move on to the next development phase. Kau adds that the development of the Silo and Canal districts was recently completed, providing an opportunity to expand the Waterfront’s public spaces and contribute to economic growth.
As per IOL, some of the key features for planned developments on the Granger Bay site include:
- A public walkway to link the City centre to Mouille Point, connecting to the current Atlantic seaboard promenade
- A new bay area created by coastal protection, suitable for watersports
- Opening public access to a new protected area suitable for swimming, with adjoining public amenities
‘We anticipate making more detailed announcements about our proposed development plans soon and we will be bound by the planning governance process led by the City of Cape Town, as the municipal planning authority, and look forward to providing more detail regarding our plans and vision at the appropriate time,’ Kau adds.
‘The V&A Waterfront is jointly owned by the Government Employees Pension Fund (represented by Public Investment Corporation SOC Ltd) and Growthpoint Properties Limited who are the largest property investment company on the JSE.’
According to the City’s Deputy Mayor and Mayco member for spatial planning and environment, Eddie Andrews, the plans will go ahead with the City’s and the public’s input later this year.
‘The application is pending as the applicant is currently undertaking some specialist studies that are required before public participation can commence. The application will be advertised for public participation by the end of June 2024, if all goes as planned.’
Norbert Sasse, Growthpoint’s CEO, previously stated that the development is valued at just under R20 billion, comprising 2% of the Western Cape’s economy and accounting for 28 000 jobs.
The Public Investment Corporation (PIC) and Growthpoint paid R9.2 billion for it in 2011.
Cape {town} Etc discount: Enjoy the most worthwhile one-night stay in Cape Town with the best seaside views for R1 699 (valued at R 2 620). Get it here.
Also read:
Kauai’s 200th store has opened and it’s at the V&A Waterfront
Picture: Sebastian Canaves / Unsplash