V&A Waterfront

The Friday File.

Around this time on The Money Show, we talk lifestyle and a major development happening in Cape Town on the V&A waterfront called The Bower, a 1.4 billion rand later living development offering around 147 hospitality-led units on Cape Town's Atlantic seaboard.

Now when you think of Cape Town's Atlantic seaboard, you think of Villas and different hotels that could pitch up tent there to try and drive revenue.

But this particular development, quite special, are looking at later living.

Later living is a modern housing trend that blends independent or assisted homes for older adults with luxury hotel services, wellness centers, and on-site medical care.

We chat now to Graham Wood, the CEO of the V&A Waterfront, about this trend.

Really, really special project.

Graham, welcome to The Money Show.

Now, Growth Point's results for the year to June came out on Wednesday morning, and one thing stood out in particular.

Of its 453 properties, the V&A waterfront in Cape Town is pulling far more than its weight.

So keep in mind, Growth Point owns half of it and the public investment corporation the other half.

Now, before we go into the numbers, how interesting is this? Rent is where the precinct separates itself.

To build a phenomenal business, I really do believe we've got an exceptional business with exceptional people, with exceptional assets.

I mean, if I can single out one, I guess, you know, the V&A Waterfront in Cape Town would immediately come to mind.

But there are many of those.

And it's wonderful to be able to step back and hand that to the incoming team.

There is an investment management firm.

These didn't exist at the time you joined the business, at the time you took over as a CEO in 2004.

Certainly, there was no V&A Waterfront assets to speak of.

Of all of the work that you've been a part of over the last two decades, what would you say... has been your favorite asset to add to this portfolio?

I really do believe we've got an exceptional business with exceptional people, with exceptional assets.

Uh, I mean, if, if, if I can single out one, I guess, you know, the V&A Waterfront in Cape Town c- would, would immediately come to mind, but there, there are many of those.

And, um, it's wonderful to, you know, to be able to step back and, um, and, and hand that to the, uh, to the incoming team.

Um, and it's fair to say that, you know, not everything we've done has worked out 100%, um, and there are currently some assets in the portfolio that need a little bit of, a little bit of work, and I think we probably over- overall, o- we overexposed to the office sector.

Uh, there is a, an investment management firm.

These didn't exist at the time you joined the business, at the time you took over as CEO in 2004.

Certainly, there was no V&A Waterfront asset to speak of.

Of all of the work that you've been a part of over the last two decades, what would you say has been your favorite asset to add to this portfolio?

Basic earnings per share up very nicely, up nearly 40%.

The share in the V&A Waterfront in Cape Town, obviously, they're doing incredibly well for them.

The group, I think, might be a little worried about their office properties in Gauteng.

Uh, Norbert Sass is the, uh, Norbert, do I say outgoing CEO? Outgoing interim CEO.

So it's a, it's a challenge for us.

Um, and it's something that we obviously have been addressing very actively over the last couple of years, and it will continue to re- remain, uh, an area of focus for at least the next couple of years, uh, as we try and get out of those type, uh, those specific, uh, nodes.

Your net property income at the, at the V&A Waterfront, I mean, it was up nearly 11%.

I mean, that development-