V&A Waterfront

The V&A Waterfront wraps a working harbour, the oldest in the Southern Hemisphere, in a privately managed, pedestrianised precinct that is both Africa's most-visited destination (~24m visitors a year) and one of Cape Town's most exclusive residential enclaves. Residents live above the city's flagship cultural and retail attractions: the Heatherwick-designed Zeitz MOCAA, the Two Oceans Aquarium, the Watershed design market, Victoria Wharf's 500-plus stores and a yacht-filled marina, all beneath Table Mountain. As an investment, the V&A is unambiguously a trophy and capital-security play. Per-square-metre prices (R120,000–158,000) are the highest in the city, and long-term gross yields are correspondingly modest (~3.5–5.5%), the market rewards prestige, unmatched security and a globally recognisable address rather than monthly cash flow. Income-focused investors will find materially better yields in the City Bowl, Sea Point or Woodstock; note too that new marina sales are frequently priced with VAT rather than transfer duty.

V&A Waterfront in Cape Town, Western Cape, South Africa