Maboneng means “Place of light” in Sotho, and it is aptly named, because this once decidedly dark and dingy corner of the Johannesburg CBD is now a vibrant, clean and airy precinct where young entrepreneurs and their bright ideas are clearly flourishing.
The Maboneng project – the brainchild of developer and property visionary Jonathan Liebmann - has also done more than any other to shed light on the steady regeneration of the city centre that was started in 2001 by the Johannesburg Development Agency (JDA).
The JDA’s efforts to clean up and secure certain areas have of course attracted several private investors such as Amdec, Afhco, Citiq and the pioneering Urban Ocean as well as Liebmann’s company Propertuity, and resulted in other successful projects, such as the regeneration of Braamfontein, the creation of the specialist Fashion and Jewel districts, the development of the R1,3m Newtown Junction in the Newtown cultural precinct, and the conversion of many once-deserted office towers into trendy loft apartment complexes that often have their own pools, children’s play areas, gyms, business centres and rooftop bars and restaurants.
“And last year,” says Tony Clarke, Managing Director of the Rawson Property Group, “these achievements received much-deserved international recognition when Johannesburg was named by the influential Rough Guide as the world’s Top City to Visit in 2015, and by Good magazine as the second most inspiring city globally, then received favourable reviews in the Wall Street Journal as one of its ‘Four Emerging Arts Cities You Should Know’ and in Conde Nast Traveller's ‘What's Hot for 2015’ edition.
“But it is Maboneng that really seems to have captured the public imagination by finally cementing New Urbanism in Johannesburg in a way that has made it not only practical but highly fashionable to live in the heart of the city, right among offices, workshops, retail outlets and entertainment venues of all sorts in a fully-integrated, walkable area.”
Now home to many creatives, independent retailers and tech-savvy entrepreneurs who regard it as a great place to live and work, Maboneng also attracts thousands of visitors weekly, and has recently been named as one of the world's coolest new tourist attractions to visit by Travel & Leisure, a leading New York-based travel and tourism magazine with more than 4,8 million readers. It has also been recommended by leading UK daily newspaper The Times and been awarded a Certificate of Excellence by Trip Advisor for the consistently great reviews it receives from both local and foreign tourists.
What is more, it has been “endorsed” by world-renowned architect David Adjaye OBE, who has a passion for urban regeneration and is not only leading the redesign of Hallmark House, the latest project to be launched by Propertuity, but has bought one of the apartments in the building himself.
Hallmark House, in Siemert Rd, will also house a luxury all-suite hotel, a spa and rooftop recreation spaces including the first Johannesburg outlet of the Grand Café, the Smack! micro-brewery and The Bioscope outdoor cinema.
What is more, it is one of several projects Propertuity now has in the pipeline outside the original Maboneng precinct, which was bounded by End St to the west, Commissioner/Albertina Sisulu St to the north, MacIntyre St to the east and Marshall St to the south. This area contains the Museum of African Design (MOAD), the Arts on Main creative centre, the Main Street Life residential and hotel building, many trendy restaurants and one-of-a-kind shops, a Sunday market, and a string of other redeveloped buildings with a mix of apartments and creative spaces such as Revolution House, Fox Street Studios, The Main Change, Artisan Lofts, Urban Fox, Rocket Factory and Craftsmen’s Ship.
Loft apartments in these buildings range in size from around 33sqm to about 82sqm and are priced from around R325 000 to just under R1m. This type of unit has also proved popular with buy-to-let investors who are realising rentals of R3800 to around R4600 per month on the smaller units.
There are, however also large units and penthouses of up to 282sqm available at prices from around R2,75 million up to about R3,9 million – and rentals for these range from R10 000 all the way up to R25 000 per month.
And these prices are not out of line with other improvement districts in the city centre, notes Clarke, who says there is especially strong demand for units in the R800 000 to R2 million bracket, but that it is also not uncommon for large apartments offering excellent views to sell for more than R3 million.
“In Newtown, for example, luxury one and two-bedroom apartments in revamped buildings are currently being advertised for sale at prices from around R820 000, and to let at rentals from around R7500 a month.
“Meanwhile in The Franklin, an Urban Ocean revamp, luxury bachelor apartments of about 63sqm are currently on sale at prices ranging from R925 000 to R1,13 million. The units are fully furnished and offer buyers spectacular city views.”
On the other hand, he says, there is huge demand for the more affordable but modern rental units available in the well-managed and secure Afhco/ Amdec building conversions in End Street and on Bree Street, close to the upgraded End Street Park and the End Street Mall – and in Afhco’s portfolio of converted office blocks right across the CBD and into Newtown.
“The bachelor, one-bedroom and two bedroom units in these blocks rent from around R1750 to around R3500 per month – and are seldom vacant for long. This just underlines the possibilities that continue to unfold for investors as the Johannesburg CBD is re-invented.”
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