Property tycoons, Ian and Richard Livingstone have joined forces with property developer, Nakheel, and purchased the Victoria and Alfred Waterfront in South Africa’s Cape Town for around £600m.

Located between Table Mountain and Robben Island, the V&A Waterfront attracts in the region of 20m visitors per year and is one of South Africa’s leading tourist attractions.

The property partners have purchased over 200 acres of land, including the marina, hotels, shops, residential and industrial space. There are over 600,000 sq ft of shops and 900,000 sq ft of offices. It includes the luxury five-star Table Bay Hotel, as well as a working harbour, restaurants and shops and an aquarium.

There is already planning permission for a further three million sq ft of new space and the site is regarded by local property agents as ripe for a six-star beachfront hotel development and luxury apartments.
The involvement of Nakheel will trigger speculation that the companies may try to reclaim land from the sea to increase the size of the development.