The Maboneng Precinct, Johannesburg’s ground-breaking urban mixed-use community, began with Arts on Main – the cultural hub known for its mix of galleries, artist studios, creative venues, offices and retail spaces.
Maboneng is the brainchild of Propertuity, founded by Jonathan Liebmann. In 2008, Jonathan purchased the old DF Corlett construction offices and warehouses, and collaborated with architect Enrico Daffonchio of Daffonchio and Associates Architects in converting this industrial space into a cutting-edge city destination.
During the construction of Arts on Main in 2009, Jonathan began to imagine a much broader vision: the transformation of the entire area around Arts on Main into a fully integrated, mixed-use community and a comprehensive and mixed-income residential offering. Maboneng was born. Named for the Sotho word for ‘place of light’, the precinct represents an enlightened community in Joburg’s eastern CBD.
Main Street Life, 12 Decades Hotel, Revolution House, The Main Change and Fox Street Studios came next – all well-designed and unique mixed-use spaces that encourage entrepreneurship, culture, urbanism, creative expression and design.
The Maboneng Precinct has a number of unique investment options available for those interested in the regeneration of Johannesburg, and offers a diverse range of sectional title property.
Maboneng is a privately developed Precinct with a single development company that focuses entirely on the development of this upgraded area. It is a premium investment choice as there is a guarantee that many of the buildings in the area will continue to be uplifted, with the inevitable result that properties will increase in value.
The Maboneng Property portfolio at the end of 2011 was 7 developments. Propertuity has subsequently purchased a further 10 buildings in walking distance that will be developed over the next 2 years.
Maboneng has delivered exceptional returns in a slow property market. The first buyers at Arts on Main purchased properties at R5,000 per m2 and can now be valued at R10,000 per m2. Main Street Life 33m2 units originally sold for R290,000 and are now valued at R350,000, showing a capital growth of 21% over 18 months.
The Main Change is Maboneng’s first dedicated office building and offers five floors of affordable urban office space designed specifically for small to medium entrepreneurial enterprises. With the third floor dedicated to smaller spaces for start-ups, The Main Change offers the most sleek and affordable sectional title units in any commercial development in Johannesburg.
Office spaces are also available on Floor 1 Revolution House. The 4th floor of the Main Change is home to OPEN – a shared office facility that functions as a 1,000m2 OPEN playground for meaningful work. OPEN is a cutting-edge design solution for anyone looking for a dynamic place to work, and to engage with interesting people, building networks.
The Maboneng Precinct offers a unique retail opportunity on the ground floor of each development, stimulating a fully integrated city lifestyle for residents as well as visitors and tourists. Retail stores already flourishing include Black Coffee / Love Jozi, Loin Cloth and Ashes and David Krut Publishing, as well as a number of restaurants and cafes.
All Maboneng Retailers become automatic members of the Made In Maboneng Business Directory. Benefits include directory listing, advertising and collaborations facilitation. All retail spaces are currently occupied and more will come online in the next phase of the Precinct (2- 8 months). There is a vetting process for retailers and restaurants, but to enquire and add yourself to the retail waiting list, please contact us.
The Maboneng Precinct has become known as a hub for Johannesburg’s creative community offering spaces to live, create and collaborate.
The creative community at Arts on Main has grown rapidly over the past few years, with many successful collaborations and projects made in Maboneng. The space is designed for artists and thought leaders to create and collaborate.
Housing landmark studios of William Kentridge, Kim Liebermann, Mikhael Subotzky and most recently, The Trinity Session, Maboneng is the perfect platform for serious artists, offering space for both creating and exhibiting work.
All properties available for purchase offer investment opportunities.With an annual net yield of over 10% and the UDZ tax incentive, as well Propertuity’s focus on Precinct based development, Maboneng is the perfect place to start a diversified property portfolio.
In particular, Main Street Life, which has a number of tenanted units, has fast become one of the most well designed & affordable residential developments, not only for owner occupiers, but for investment opportunities as well.