Property Reporter

NATIONAL residential rental franchise Just Letting said yesterday it had expanded into the commercial property market with the launch of Just Letting Commercial.

Just Letting set up the new division, a joint venture with property management company Glaeve Properties, in response to strong demand from commercial landlords and tenants, it said.

Brian van Wijk, a director of Glaeve Properties , will be MD of the venture.

Just Letting CEO Raal Nordin said the residential component of Just Letting had 41 franchises situated across SA in Western Cape, Eastern Cape, KwaZuluNatal, Pretoria, Johannesburg and Mpumalanga.

He said some of the residential landlords they were dealing with also owned commercial buildings and wanted them to handle the letting .

Just Letting took over the management of Everite House in central Johannesburg as a test case four months ago. The office block had a vacancy level of 40% when Just Letting started, but is now 90% occupied, Nordin said.

"It's been a success, it tells us there has been a strong demand."

Just Letting Commercial has been launched in the East Rand, Pretoria North, Johannesburg's northern suburbs, Johannesburg's central business district, Randburg and Cape Town's northern suburbs.

Nordin said Johannesburg's central business district (CBD) would initially be the only inner city in which Just Letting Commercial would operate .

He said, though, that he expected Just Letting Commercial to move into other central business districts in time.

"All the CBD ( in Johannesburg) is not going to be revived overnight, but there is a very strong demand for properties in the CBD," said Nordin.

May 26 2004 07:09:39:000AM Nick Wilson Business Day 1st Edition