The iconic V&A Waterfront has contributed approximately 227 billion rand towards the GDP of South Africa’s Western Cape Province between 2002 and 2014, with forecasts revealing that this growth will continue for the next 10 years. Despite the perception that the V&A is predominately a retail and tourism hub, the residential property component is a significant contributor towards GDP growth.
According to David Rebe, chief executive officer of Sandak-Lewin Property Trust, in the recent past the V&A has become a thriving residential area, providing residents with convenient and vibrant accommodation. He says that while in the past residential property within the V&A has been perceived as only catering to the ultra luxurious higher-end market, the area now offers career-driven entry-to-high-level professionals with vibrant urban residences at reasonable prices.
An example is the recently completed long term residential rental complex, the Ports Edge, which is the first of its kind in the area. This is the first residential building wholly owned by the V&A that is being offered for rental. With easy access to the city centre and highways various MyCiti bus stops, the residential complex is ideal for busy professionals who want to live and breathe the buzz of the city.
Rebe says that apartments across the V&A Waterfront, CBD, Green Point as well as Sea Point remain in huge demand due to the central and scenic location, and due to the lack of affordable and reasonably priced accommodation in the region, developments such as Ports Edge are fast gaining popularity, with the building’s occupancy rate at almost 100%. “Areas such as the V&A Waterfront remain attractive due to the vibrant lifestyle that residents can enjoy. Perks of being situated in the area include easy access to the city, limited traffic congestion as well as amenities such as live entertainment on one’s doorstep and an assortment of restaurants, cafés, bars, local and international retail outlets, as well as safe running tracks and bicycle lanes for residents to enjoy.”
He adds that the R50 million development of the Watershed – which is situated next door to the Ports Edge, offers art and craft workmanship exhibited by local artists, and provides residents with an opportunity to indulge in the creative landscape at their own leisure. In addition, the Watershed features Workshop17, a collaborative shared working space.
“Other than the sought-after living experience at the V&A, residents are also attracted to the rental aspect of the accommodation as they prefer not to be tied down with a mortgage. Moreover, residents are able to enjoy the urban and vibrant environment knowing that they have 24 hour security,” he concludes.