R35m V&A Waterfront facelift poised for growth
The Victoria & Alfred (V&A) Waterfront is set to grow after its new owners spent R35m on overhauling the food court - by adding 15 new outlets - and the amphitheatre.
The Victoria & Alfred (V&A) Waterfront is set to grow after its new owners spent R35m on overhauling the food court - by adding 15 new outlets - and the amphitheatre, V&A retail executive Alex Kabalin said on Tuesday 11 December.
New additions to the food court include El Hombre, a Mexican food offering; Carnival, a new Indian food-on-the-go option; Royal Bavarian Bakery, an artisanal bakery; and Primi Roastery, an innovative French chicken roastery, as well as a new look for some of the old franchises such as KFC.
The V&A is one of the most popular tourist destinations in South Africa, and has a mixture of retail, hotel and residential development.
In 2011, listed property company Growthpoint and the Public Investment Corporation completed the acquisition of the V&A from Dubai World and London & Regional Properties for R9.7bn in what was South Africa’s biggest property deal at the time.
After the purchase, the new owners said R500m would be made available for the upgrade of the property. The upgrade focused on the Clock Tower precinct and the construction of Allan Gray’s head office. Mr Kabalin said the development of the food court was "on time and to budget" — in line with the vision of the new shareholders. He said the revamp of the new food court will be to offer visitors as wide a variety as possible and to maximise the natural environment and views. Mr Kabalin also hihglighted that sales remained strong during the festive season.
V&A CEO David Green said: "The latest retail sales figures, showing a year-on-year increase of 15%, reflect continued growth and show that the Waterfront continues to buck the national trend."
He said the V&A’s highly focused retail and food and beverage strategy was driving retail sales growth and positioning it well ahead of the national retail figures.
The extension of the food court towards the amphitheatre had resulted in an extended first-floor deck with pergola shading, providing a viewing platform from which visitors can overlook the amphitheatre and views of the harbour.
"As part of this development, we have also improved the seating at the amphitheatre. The amphitheatre often reached capacity so we have almost doubled the capacity now, allowing 2,000 seated and 3,000 standing," Mr Kabalin said.
