New strategic partnership is good news for Johannesburg city centre renewal

Posted On Tuesday, 30 April 2013 15:06 Published by Commercial Property News
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Propertuity and Pam Golding Properties (PGP) have announced that they have entered into a strategic partnership in which PGP will not only market residential accommodation in one of Johannesburg’s most vibrant and trendy precincts, Maboneng, but it will also provide strategic guidance and advice. 

Maboneng PrecinctThe alliance has been heralded as one of the most important recent developments in the residential property market in the city of Johannesburg.

"PGP is delighted to be involved in the visionary Maboneng Precinct," says Dr Andrew Golding, chief executive of PGP. "We have been very interested in the rejuvenation of the inner city for some time, a key development node in which we plan to become increasingly involved. We have been looking to partner with appropriate developers in this area for several years now and are extremely pleased to have formed an alliance with Propertuity, the renowned development arm of Maboneng."

Dr Golding continues: "The Maboneng Precinct is the most sustainable and ambitious private development initiative taking place in the Johannesburg city centre today. The project is encouraging impressive economic growth and social cohesion in the area. It is also growing at a phenomenal rate. While the precinct currently involves around one square kilometre on the eastern fringe of Johannesburg's inner city and no fewer than 32 buildings, the developers have enormous vision and are constantly looking for opportunities for further development beyond the current boundaries of the project."

Propertuity's CEO and founder Jonathan Liebmann says PGP will be an invaluable partner going forward, providing advice on development, marketing, pricing and project management. The involvement of Pam Golding Properties in the marketing of residential property within the precinct is a major coup for Maboneng that lends further integrity to this project.

PGP's vision of recreating urban culture aligns with Propertuity's and the two are a 'natural fit'. These were among the reasons why Propertuity decided to approach Dr Golding and explore whether it would be possible to bring PGP aboard as a strategic partner," he adds.

PGP Hyde Park joint area manager, Rupert Finnemore, points out that from a strategic point of view PGP has the capacity, knowledge and experience to handle this project. The same team that has handled such projects as Melrose Arch and the Houghton will assist with Maboneng, which are similar in their mixed-use lifestyle offering.

Maboneng, however, offers something completely different in that it is an urban community with a variety of offerings for mixed income groups. PGP's highly experienced agents who sell properties in the Johannesburg city centre will also be employed and will use their extensive databases of buyers to maximise sales opportunities. An onsite office will be developed with display material aimed at communicating the unique character of the development.

Maboneng is the brainchild of Propertuity, which was founded by Liebmann. Seeking to encourage the artistic and entrepreneurial spirit, he purchased the DF Corlett construction offices and warehouses to create Arts on Main, a centre of artist studios, galleries, retail outlets, office spaces and restaurants. During the construction Liebmann began to acquire a much broader vision for the area, seeing not just a creative and entrepreneurial centre but an entire community of enlightened individuals. The concept of the Maboneng, which means "place of light" in Sesotho, was born.

Liebmann says Maboneng has involved the creative use of vacant industrial buildings to establish a mixed-use precinct consisting of residential, retail and office space. It is expected that there will be a total of 40 buildings transferred to the project by the end of 2013. Of the 32 buildings that have already been transferred, not all have yet been earmarked as office, retail or residential space.

Some 700 owners or tenants currently reside in three residential buildings called Main Street Life, Revolution House and Arts on Main, which have either been completed or are still under construction. A fourth building named Artisan Lofts is under heavy construction. It is envisaged that the precinct will be home to approximately 3000 people within the next five years. No less than 60% of the properties that are available have already been sold. Many of these were purchased off plan.

"PGP's involvement will be over the long term, between five to ten years, and we believe we will add significant value to this exciting and innovative development during that time," concludes Finnemore.

 

Last modified on Monday, 20 May 2013 15:03

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