Cape Town’s Victoria and Albert Waterfront that overlooks Table Mountain, is the historic Table Bay location rebuilt to become a sophisticated mixed-use residential and business node.
This central city location is just 20 minutes from Cape Town International Airport and 10 minutes from spectacular Atlantic Seaboard beaches such as Clifton and Llandudno. It provides property owners and visitors the opportunity to freely explore the many offerings of the mother city. In addition it offers property for rent as a place of residence during corporate stays, just minutes away from the central business district and Cape Town International Convention Centre.
The V & A waterfront has become a place of many interests, due to the variety of heritage sites that captures the interest of visitors, telling the tales of bygone eras as far back as the first discovery of Table Bay.
This historic venue features the Breakwater Lodge Hotel that was originally a prison built for Bristish war convicts, and Somerset Hospital, SA’s oldest that was built in 1818 to accommodate war prisoners. Starting out as a small jetty when it served the Dutch East India Company as a refreshment station for Dutch ships, this area later acquired two new basins. The Alfred and Victoria basins had separate beginnings between 1860 and 1920, with the Alfred basin being constructed first by Queen Victoria’s second son Prince Alfred, followed by the Victoria basin, that became a necessary addition to the existing harbour.
Later development lead to the V & A Waterfront company becoming officially established by Transnet in 1988 for re-development of the dockyards into this mixed use development, currently a privately owned SA business. Stretching from the city port where the Royal Yacht Club is located, through to Granger Bay, property owners here are in the excellent company of the City’s De Waterkant, Green Point, and Mouille Point with its beautiful seaside promenade towards Sea Point.
Over time the V & A Waterfront has gained international recognition for its exclusive real estate offerings for a convenient lock up and go lifestyle, as well as a number of luxury international hotels providing a playground for wealthy locals and foreigners. Privately owned yachts can be moored in and around this mixed use waterside location, that is complete with upmarket retail outlets and tourist facilities. This trendy waterfront lifestyle is a popular choice with those who enjoy easy city living in a scenic setting, who can afford average property prices of R6 million for spacious apartments or penthouses, or daily rentals mostly in excess of R1 000.
While property sales here do not show a high turnover in volumes, properties have retained high values despite a sharp drop since its peak in 2008, when average property values stood at R8.6 million. Last year saw a total of 25 property sales with average values at R7.5 million, and of these only three properties were priced at R2.9 million, the balance of 22 were valued at R7.2 million. Property prices at the V & A for the first quarter of this year has shown some decline totaling R23 million, and of the four property sales that took place during this period, one property was sold for R3 million, and three for R6.782 million.