11 Jan 2013
It is no surprise that Maboneng, the mixed-use precinct sited on the east side of Johannesburg’s city centre, bounded by Market, Albrecht, Main and Berea streets, has gone from strength to strength since its launch in 2009.
The development has something unique to offer the residents of central Johannesburg, and proof of this is in the sales numbers and the short time it has taken to get there, says Andrew Kumm, a director of RED-i (Real Estate Development Interactive).
He says its success can be attributed to CEO of developing company, Propertuity, Jonathan Liebmann’s holistic approach.
Liebmann has created inviting residential, work and play areas within the precinct and has paid great attention to creating a space focusing on the softer elements of inner city living. There is a mix of galleries, artist studios, creative venues, offices, retail spaces and residential units.
Maboneng seems to have become a magnet for investment and talent, and has set benchmarks for the social sustainability of a new precinct, says Kumm.
To date, there is 100 percent occupancy at the Main Street Life phase, 100 percent sold off plan at Revolution House, 100 percent sold off plan at Fox Street Studios and 40 percent sold off plan at Artisan Lofts. There is a high owner-occupier ratio of 45 percent which, as most property developers and investors realise, bodes well for the long term outlook for the project.
According to Kumm RED-i has been mandated to provide the interactive mapping technologies for the Main Change and Artisan Lofts. This will allow interested parties and stakeholders to understand the Maboneng precinct in terms of location and layout, and to view the available unit types and their relation to the surrounding restaurants, shops, art galleries and features.
The Main Change is an office building with spaces to rent or purchase, with units sized from 120 square metres to 253 square metres. Smaller office space on the third floor is available for start-ups and freelancers.
The building also features a spa, a meditation zone, a holistic healing centre, health food café, and fashion and furniture stores on the ground floor.
The Artisan Loftsphase will offer custom designed living spaces in a three storey building with sizes from 70 square metres to 200 square metres. The lofts are currently under construction, with a show unit having just been completed and the rest due for completion in 2013. There is also a ground floor retail section which includes 25 small shops sized 15 square metres.
The mapping solution for these buildings is supported by the Red-i Sales information Management System (SIMS) which allows the management and sales teams real-time access to information, which means buyers can now sit with a member of the sales team and look at various options online before physically taking a tour.
Maboneng has various investment options available and offers a diverse range of sectional title property, says Kumm. The development currently comprises seven buildings which are being developed and a further ten planned over the next two years.
If one considers the value for money and the prospect of respectable rental yields, combined with Urban Development Zone tax incentives, this is an ideal place to build an investment portfolio, he says.
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