Areas and Places

Cape Town’s V&A Waterfront Property Demand Outstrips Supply

The Victoria and Alfred Waterfront, more commonly referred to as the “V& A”, has since inception in 1988 become a “must see” destination for visitors from around the globe, drawing over 24 million visitors per annum and the advent of a first class docking facility for visiting cruise liners is set to further boost the international visitor numbers up from the current 26% level, says Gail Gavrill, the Knight Frank Residential SA agent in this area.

This 123 hectare mixed use destination includes prime residential and commercial property and over the past ten years has added nearly R200 million to the overall South African economy – a development of exceptional success if ever there was one, she said.

Currently ten world class hotels are situated in the V & A and the range of luxury boutique stores, restaurants, and shops of every description ensure that visitors get spoilt for choice – whatever their requirements may be.

It is on the back of this massive and continuous international exposure that the residential precinct – launched simultaneously with the commercial component, draws its constant stream of eager buyers.

“Everyone continues to want a slice of the V & A action and the allure of living in an active and vibrant working harbour has proven to be an irresistible draw-card with investors enjoying significant capital appreciation of the properties over the years”, said Gavrill.

Reports, too, that billions will be invested over the next three to four years in residential apartments by Growthpoint and the Public Investment Corporation will add to the already successful residential component there. The plan, according to recent media coverage, is that the 200 000m² of undeveloped bulk at the V & A has been earmarked for residential development.

In the residential component of the V & A plaques at the entrance to each of the apartment buildings provide a short history of the ship after which the apartment building is named – each having succumbed to the “Cape of Storms” in years gone by: Juliette, Pembroke, Penrith, Parergon, Palgrave, Carradale, Gulmarn, Altmore, Dovenby, Bannockburn, Pembroke, Ellesmere, Palgrave, Helenslee, Kylemore, Pinmore, and Faulconier.

The year 2013 saw a total of 33 apartments being sold with a total value of R358 million and an average price of R10,5 million. The highest price paid was R52 million for an 800m², three bedroom penthouse and the lowest price paid was R2,8 million for a one bedroom 91m² apartment.

What makes the V & A residential component appealing and keeps it in demand, said Gavrill, are:

· the high levels of visible security;

· the highly competent and responsible management;

· the exceptional levels of overall cleanliness and maintenance;

· that even though it is a large precinct, the overall design of its waterways, walkways and roadways never gives one a feeling of overcrowding;

· the easy access to the shopping precincts either on foot, by car or water taxi;

· the already excellent capital growth;

· a ready market – buyers exceed available units as we start off in 2014;

· a very desirable address;

· outstanding views towards Table Mountain and over the yacht basin; and

· moorings available for purchase literally a walk away from home.

Asked to give some examples of properties available at the V & A right now, Gavrill mentioned:

· A three bedroom, three bathroom apartment with two reception rooms, a patio and its own swimming pool, priced at R30 million. There are panoramic sea views through extensive glazing and the lower floor in this apartment has a separate entrance with access to a large studio, which also has views over the yacht basin. This unit comes with three basement parking bays and a large storeroom.

· A three bedroom, three bathroom apartment with three living rooms and three enclosed underground garages, which is on the market at a price of R26 million.

This luxurious duplex penthouse has “fantastic” views of Table Mountain. It also has its own swimming pool, direct lift access and two storerooms.

“With many professionals no longer wanting to spend large amounts of time stuck in traffic as well as visitors or tourists wanting to be in the central hub of Cape Town, this precinct is in an ideal location. It is just a 15 minute walk or five minute cycle away from the city centre as well as being close to the MyCiti bus routes and has easy access to all the major highways. Property demand at the V & A will continue to be high because of the lifestyle options and high security it offers,” said Gavrill.

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