Growthpoint, the largest listed property company on the JSE, with assets of R64bn, disclosed the plans at a results presentation yesterday where it declared an 8% increase in distributions for the six months to December.

The distribution growth is in line with the sector average, but ahead of the 7.2% forecast made by the company at its full year results presentation in August last year.

Growthpoint CEO Norbert Sasse said yesterday the strategy was to make the V&A "less exclusive" and more accessible to ordinary South Africans. "We want to dispel the notion that the V&A is primarily aimed at foreigners."

When Growthpoint and the PIC bought the V&A from Dubai World and London & Regional many were not convinced that the new owners could do a better job than their predecessors in breathing new life into what had become a neglected tourist attraction.

But the sceptics have seemingly been proven wrong. Mr Sasse said on Tuesday that the R1bn spent on refurbishments, new developments and a repositioning of the V&A's retail offering in the two-and-a-half years since the V&A was purchased was starting to pay off.

Retail sales at the Victoria Wharf shopping centre have grown an impressive 15.2% in the six months to December (year on year), which Mr Sasse said was more than double the average growth achieved in the rest of the company's shopping centre portfolio. In November, plans were announced to convert the historic Grain Silo building into a contemporary African art museum.

Mr Sasse said a focus of the next development phase was to bring more residential stock to the V&A. The first phase of a new residential development, No2 Silo, was launched a year ago. The 31 apartments were virtually sold out for between R3m and R11m. This was the first time residential stock was added to the V&A since 2007, when 515 apartments at the Marina Residence were completed.

Mr Sasse said the next residential phase will consist of 266 studio, one-, two-and three-bed apartments that will be rented out for between R5,500 and R25,000 a month. The rental stock, the first rental housing exposure yet for Growthpoint, will be brought to the market in 6-12 months.

He said the idea was also to lure more permanent, local residents into the precinct as the marina development is about 60% foreign owned and stood empty for many months of the year.

The R3bn-R4bn earmarked for new developments at the V&A over the next few years will probably see 40% of the remaining 200,000m² developed.

Besides the residential stock, Mr Sasse said a new three-star hotel, more offices as well as an additional 20,000m² of retail space were in the pipeline.

Jay Padayachi, director of Meago Asset Managers, said the acquisition of the V&A had been a success story with the benefits of the development of the outstanding bulk now expected to come through in future earnings.