Preheat oven to 350°F (175°C). Grease and flour a bundt pan.

In a large bowl, cream together sugar and softened butter until light and fluffy.

Add eggs one at a time, mixing well after each. Stir in vanilla extract.

In a separate bowl, whisk together flour, baking powder, and salt.

Gradually add the dry ingredients to the butter mixture, alternating with milk—begin and end with flour. Mix just until combined.

Pour the batter into the prepared bundt pan and smooth the top.

Bake for 60–70 minutes, or until a toothpick inserted in the center comes out clean.

While baking, make the glaze: In a small saucepan, combine sugar, butter, vanilla, and water. Bring to a gentle boil and simmer until smooth.

Let the cake cool in the pan for 10 minutes, then invert onto a serving plate.

Pour the warm glaze over the cake slowly, allowing it to soak in.

Cool completely before slicing and serving.