Chapman's Peak Drive has only recently opened after being closed for a number of years for safety repairs. The drive takes you along the coast where you'll enjoy the most breathtaking scenery in Africa. The best way to approach it is from the South as it's much easier to stop at the viewing points. This drive should definitely be in your top ten list of things to do in Cape Town.
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At the end of the day a drive up Chapman's Peak to watch the sun set over Hout Bay is wonderful. We noticed that others had taken a picnic and bottle of wine to enjoy while they watched the setting sun.
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Also don't forget to stop in at the Chapman' Peak Hotel for a drink and great seafood as you enter Hout Bay (if you're travelling in the other direction, The Red Herring is your best bet).