New retail players to raise competition at V&A

With the iconic Table Mountain as its backdrop, the V&A Waterfront is located around the historic Victoria and Alfred basins that formed Cape Town's original harbour.

It attracts in excess of 22.5 million visitors annually and earlier this year the landmark made its way back into South African hands after property fund Growthpoint Properties, together with the Public Investment Corporation representing the Government Employees Pension Fund, announced that they had bought the property for R9.7 billion from Istithmar SA, owned by Dubai World and London Regional Properties.

The acquisition represented the country's largest single property transaction to date. The V&A was developed in 1988 by the state-owned transport corporation, Transnet, and was offloaded for R7 billion rand to investors from London and Dubai in 2006.

According to Leigh Thomas, leasing manager at the V&A, it was essential that the Waterfront kept its retail offering fresh and exciting, and created a stimulating and rewarding shopping experience for its customer base.

"Some 60% of our annual customers represent local, Cape Town-based shoppers, with the remainder representing national visitors and international tourists," she said.

Recent additions to the large selection of international brands now available at the Victoria Wharf shopping centre include the acclaimed British fragrance and lifestyle collection Jo Malone London.

The store incorporates elements from the first shop in London, such as the library-style shelves, linear glass bottles and iconic gift boxes and the Jo Malone Tasting Bar(tm) menu - a seasonal menu incorporating fragrance combinations and inspirations.

Other new stores include the Emporio Leone, Chocolate by Tomes, Toy Watch, Homework, and d?3;cor store Isabelina.

Thomas also said that the recently revamped Clock Tower centre was upgraded at a cost of R25 million and saw the addition of some niche retailers aimed specifically at serving the fast growing office and tourism markets in the area.

An additional 5000m2 of premium A-grade office space was created as part of the Clock Tower centre revamp.

The refurbishment of the Clock Tower centre forms part of the first phase of the redevelopment of the greater Clock Tower Precinct, one of the most extensive redevelopments to date at the V&A Waterfront.

According to Wayne van der Vent, the PIC's property managing director, 200 000m2 of the V&A will be developed over the next 10-12 years, with a specific focus on the integration of the Waterfront with the rest of the city.