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1988 saw the birth of the Victoria and Alfred Waterfront Company, which was permitted to lease 83 hectares of the old Cape Town harbour area. Today it houses the Two Oceans Aquarium , numerous craft markets, an Imax Theatre and immense shopping complex. This makes the V&A Waterfront the ideal place to while away a few hours and one of the premier tourist attractions in South Africa.

Various boat cruises are available, ranging from harbour trips to watch seals, to romantic sunset cruises along the Peninsula on modern yachts or an old-fashioned sailboat. The Victoria & Alfred Waterfront offers a range of specialty shops, craftmarkets, an Imax theatre, numerous restaurants and bars, an arena where open air performances are presented and various other entertainment options such as sunset boat cruises. A number of businesses and hotels are also located within its boundaries. There is a Visitors Centre onsite which serves as the starting point for local sightseeing tours.