Western Cape Premier Helen Zille lauded the recent purchase of the V&A Waterfront, in Cape Town, as a vote of confidence, which would form the basis of future growth in the province.

Delivering her ‘State of the Province’ address in the Western Cape Legislature on Friday, Zille added that her government planned to liaise with the new investors regarding their R4-billion redevelopment vision to ensure “alignment with our own regeneration plans to maximise efficiency, growth and jobs”.

Earlier in the week, Growthpoint and the Public Investment Corporation, with partners, confirmed that they would acquire the prime tourist and retail development for R9,7-billion from London & Regional Properties, of the UK, and Dubai World’s Istithmar. Four years earlier, the foreign consortium purchased the property from Transnet for R7-billion.

“In a global property slump this must be the highest return on a property investment anywhere in the world,” Zille enthused.

The Premier, who is the only provincial head not from the governing African National Congress, made the positive comments against the backdrop of a report in the Mail & Guardian indicating that individuals with close associations to President Jacob Zuma had also participated in the transaction.

Zille also reported that her government was completing a growth study, which would provide “vital management information for decision making on infrastructure investment”.

“It is no good pouring money into infrastructure projects that do not support growth over the medium and long term.”

As part of this infrastructure roll-out, renewable energy would be given priority, which, together with other green economy initiatives, Zille said had the potential to create “many thousands of jobs”.

A new Western Cape Economic Development Agency was also on the cards, a plan for which should be ready for presenting by the end of June.

“Provided all the relevant processes are properly completed in time, we hope to have the agency up and running by the beginning of the 2012 financial year,” Zille said.