The last two days in Capetown were filled with memorable moments, great people, and we all wish they lasted a bit longer. We toured the V&A Waterfront with members from the Green Building Council, discussed sustainability with Allan Gray Investment Management, visited a local development firm, hiked a 3,600-ft peak, enjoyed wine tastings in Constantia & Steenberg and took plenty of advantage of the coastal night life.
Firstly, our group received a presentation of the V&A waterfront from Colin Devenish, Executive Manager of Operations and a member of the Green Building Council. The Victoria & Alfred (V&A) waterfront is a mixed-use complex located on the Atlantic Shore, in Table Bay Harbor. Designed in the late 19th century, the complex is situated in South Africa’s oldest working harbor and comprises over 300 acres developed for both residential and commercial use. In light of the size and high utilization rate (over 23 million of annual visitors), we were pleased to learn the steps that management has been taking to reduce its footprint since 2008. To-date, the waterfront has invested R45 Million into energy efficiency, water savings and waste recycling across the 300-acre property, as well as introduced a number of other greening initiatives across the area. Efforts such as these have allowed the waterfront to nearly halve its waste going to landfills, significantly reduce electricity and water consumption and increased recycling and lower carbon emissions due to increased use of bicycles and public transportation.
On the note of sustainability, our group had the pleasure of touring the headquarters of Allan Gray with Michael Smith, Department Head of Infrastructure and Security at the company. Headquartered in Silo One at the V&A Waterfront, Allan Gray’s office was built in 2014 and achieved the first ever six-star green rating in South Africa. We were delighted to hear that the modern building incorporates features such as high-performance, fully-glazed, double skin glass façade to optimize the use of natural lighting and advanced cooling system that rely on cold Atlantic seawater. Furthermore, the heat from the IT server room provides floor heating in the reception area while waste water from hand wash basins and showers is collected, treated within the grey water system, and reused for flushing water. A beautiful anchor to the waterfront, this visionary project has stunning views of Cape Town and of the surrounding harbor.
Having witnessed the remarkable success of the Allan Gray headquarters development at V&A, our team headed to Devmark Property Group, a development firm in the Western Cape specializing in mixed-use projects across all asset classes. The firm owns all aspects of the development process from land acquisition to entitlement, development, construction and marketing. The firm’s pipeline encompasses investments such as a 1,000-unit integrated housing project, 111 luxury home and 54 assisted living facilities as well as a full-scale R3bn retail development in the Western Cape. Playing off its 30-year old local advantage, Devmark analyzes opportunities in the region with an eye toward demographic trends in urbanization and capital migration.
Last, but not least, we had a lot of fun in Cape Town. Hiking up Table Mountain at 7 AM after a night of successive pub crawls gave each of us the opportunity to test our limits physically while enjoying the pristine views of the Cape Town skyline. Fittingly, our trip concluded driving along the coast right before the dawn. We stopped the bus to watch the sunset, gathered around, reminisced the memorable times we had had over the past few days and celebrated being in the moment with yet another standing ovation to Africa, a land of stunning natural beauty and fascination for all things (not just Real Estate). Good bye, South Africa and see you soon!