The tourism industry remains a key contributor to the local economy, with key landmarks such as the V&A Waterfront contributing billions of rands to South Africa.
According to the property’s latest economic impact data, the Waterfront is the most visited destination in South Africa, attracting locals, out-of-towners and tourists alike.
In 2018 its contribution to direct GDP was R9.3 billion and R31.5 billion to total GDP, the group said.
“To put this into perspective, on average, between 2003 and 2015, the V&A Waterfront’s contribution to GDP grew by 4.5%, whereas the Western Cape provincial economy grew by 3.5% and the national economy grew by 3.1%,” the group said.
“Since 2002, the accumulated nominal contribution by the V&A Waterfront to GDP has been estimated at R335 billion.
“It is estimated that the new developments at the V&A Waterfront could make an additional cumulative nominal contribution to GDP of R183 billion by 2026.”
In 2018, the Waterfront completed work on its new R300 million Battery Park development. The 12,000 m2 (approx. 1.2 hectare) park forms part of the V&A Waterfront’s Canal District.
Each area of the park contains public walking paths and benches. Landscaping consists of waterwise fynbos and other indigenous plants and trees. A combination of rainwater harvesting and greywater is used to maintain the plants.
The new park forms part of the R1.1 billion Canal District consists of commercial and retail space at Waterway House, a new parking facility, the City Lodge Hotel, and a film studio.
A residential development is also planned for the area. In 2014, the V&A Waterfront acquired the old Queen’s Hotel and Amway buildings and these will be redeveloped as part of the Canal District.