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Yet another development in the V&A. The existing Pavilion building will be undergoing a significant upgrade:

The Pavilion building is a landmark at the V&A Waterfront and will undergo a significant upgrade to a prime office destination. The building can accommodate up to 4000sqm for a tenant as well as 4 parking bays per 100sqm leased. The building will be available for occupation in August 2015. Due to the high exposure of the site, the building is ideally suited to a prestigious national or international corporate tenant.

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Source: Baker Street Properties
 

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"The redevelopment of the former BMW Pavilion in Cape Town’s V&A Waterfront by owners Zenprop will provide approximately 4000m2 of AAA Grade commercial office space over two floors. The existing building was completed in 1994 by dhk and at the time housed a BMW exhibition centre as well as the first Imax theatre in South Africa. The redevelopment respects the integrity of the original design and its prominentV&A Waterfront position. The design preserves the main entrance for the new commercial tenants on Dock Road and creates a secondary entrance for owners Zenprop on the same side, as well as an additional tenant entrance on Beach Road. Office space is located around the central atrium, an original feature, and a new lift core and tenant toilets have been added in a central position. The Beach Road elevation has been enclosed with full height glazing and the existing first floor terrace renovated, maximizing views and bringing daylight to the new office spaces. Additional floor space has been added to the southern corner in the triple volume space which housed the former Imax theatre, and new windows added to this elevation which was previously closed to the street edge. One level of basement parking is accessed from Beach Road, while the lower level of basement parking is accessed from Dock Road. The redevelopment project will be complete in September 2015. More information: www.dhk.co.za and www.zenprop.co.za"

According to the article it was supposed to be finished in September.
Is it still under construction?
 
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