The brothers have bought the waterfront development in Cape Town, South Africa, for around £600m, in a deal thought to be South Africa’s biggest property transaction.

Their company, London and Regional, has formed a joint venture with Istithmar, responsible for Dubai’s man-made island development The Palms, in a 200-acre deal.

The Waterfront is situated between Table Mountain and Robben Island. It attracts 22 million visitors a year and is one of South Africa’s leading tourist attractions, containing restaurants, shopping malls, boat trips and

The deal will provide the property partners with over 600,000 sq ft (55,741 sq m) of retail space and 900,000 sq ft ( 83,612 sq m) of offices. The resort also boasts Sun International’s luxury five-star Table Bay Hotel, a working harbour and an aquarium.

It is thought that planning permission is already in place for a further 3m sq ft ( 278,706 sq m) of new space and local property agents regard the site as ripe for six-star beachfront hotel development and luxury apartments.

Established by the South African-owned Transet in 1988, the Waterfront was put up for sale three months ago and attracted strong interest at home and internationally.

Richard Livingstone, director of London and Regional Properties, said: ‘The V&A Waterfront has strong assets, a healthy balance sheet, a successful management team and good day-to-day operations combined with a strong vision for the future.

‘It sits in a magnificent location with significant allowable development, giving us the chance to create a fully world-class resort that can be a focal point for the FIFA World Cup 2010.’