Lessons from Waterfall City and Westown: What the Western Cape Can Learn

By Warren Brusse, Chief Executive Officer, Zebinvest Real Estate Development

Waterfall City and Westown are proof that well-structured leasehold development is not only viable but desirable. They have raised the bar for integrated, inclusive urban development in South Africa.

South Africa’s property landscape is undergoing a structural evolution. Among the most significant signals of this shift are the landmark leasehold developments of Waterfall City in Gauteng and Westown in KwaZulu-Natal. These nationally benchmarked projects are reshaping how land is accessed, developed, and valued, particularly on leasehold terms.

As Zebinvest drives leasehold real estate development across the Western Cape, we draw crucial insights from these two transformative case studies to inform our regional strategy.

Waterfall City: A Leasehold Vision Brought to Life

Waterfall City, developed on leasehold land owned by the Waterfall Islamic Institute, has become a poster child for what is possible when long-term land value is unlocked through smart development partnerships. Its success lies in the structured leasehold model that offers long-term certainty to developers and occupiers alike while preserving the landowner’s asset.

The seamless integration of retail, residential, retirement and commercial uses has created a vibrant, self-sustaining city node. Just as important, however, is the way financial institutions have embraced the model: banks routinely finance both the top structure and end-user loans within the leasehold framework, thanks to the deeds office-registered development and end-user leases.

Westown: Public-Private Partnership in Action

Westown, a new mixed-use node developed by Fundamentum Property Group in partnership with the eThekwini Municipality, offers another powerful example. Located on long-term leasehold land, it demonstrates how leasehold can be harnessed to align public landowners, private developers, and community objectives.

A key differentiator in Westown has been the transparent and equitable structuring of leasehold agreements, ensuring clarity for financiers, developers, and end-users. This has increased investor confidence and accelerated project momentum.

According to John Webber, Director of Real Estate at Cliffe Dekker Hofmeyr:

“The biggest lesson I’ve taken from these projects is the importance of treating leasehold tenure with the same respect and rigour as freehold—especially in how agreements are structured, how rights are protected, and how they are recorded. When you do that, everyone—from developers to banks to buyers—has the confidence to commit.”

Key Lessons for the Western Cape

At Zebinvest, we believe the Western Cape is ideally positioned to replicate and even refine these national successes. Here are five lessons we’re applying:

1. Long-Term Leasehold as a Secure Development Platform - Leasehold is not a secondary or lesser form of tenure, it is a strategic tool. When registered leases are well-drafted and secured in the deeds office, they provide a rock-solid foundation for financing, resale, and institutional investment.

   
   

2. Partnerships with Purpose - Landowners from government entities to trusts can unlock long-term value without disposing of their land. Developers gain access to prime, well-located sites, while the community benefits from jobs, infrastructure, and upliftment. Win-win outcomes are possible with the right partner model.

   
   

3. Legal Clarity = Market Confidence - Like in Waterfall and Westown, clear legal frameworks and enforceable leases are critical. These frameworks offer reassurance to banks, tenants, and developers. We work hand-in-hand with legal experts to mirror this approach in every Zebinvest project.

   
   

4. Phased, Mixed-Use Development Works Best - Starting with catalytic projects - whether residential, retail, retirement or commercial - builds confidence and value. As seen at Waterfall and Westown, success breeds success. At Zebinvest, we design our precincts to scale intelligently.

   
   

5. Designing for the Future - These projects are not just about bricks and mortar; they’re about place-making. Walkability, public spaces, sustainability, and integrated communities are what make these precincts thrive. The Western Cape deserves the same ambition and quality.

   
   

Conclusion: A New Chapter for the Western Cape

Waterfall City and Westown are proof that well-structured leasehold development is not only viable but desirable. They have raised the bar for integrated, inclusive urban development in South Africa.

At Zebinvest, we are committed to translating these national benchmarks into locally relevant, Western Cape success stories.

We invite landowners, municipalities, and investors across the province to join us in building thriving, sustainable communities—grounded in shared value and long-term security.

Let’s make the Western Cape the next national benchmark.

Warren Brusse, Chief Executive Officer, Zebinvest Real Estate Development