National residential rental franchise Just Letting yesterday announcedthe launch of its first black-owned franchise in the Johannesburg centralbusiness district (CBD).

The franchise will offer both residential and commercial letting services.

The announcement comes a week after Just Letting announced that it hadexpanded into the commercial property market with the launch of Just LettingCommercial.

The new commercial division, a joint venture with property managementcompany Glaeve Properties, was set up in response to strong demand fromcommercial landlords and tenants.

The new black-owned franchise, Just Letting CBD, which began operatingyesterday, is a joint venture between Glaeve Properties, Just Letting HeadOffice, and entrepreneurs Stephen Mtimkulu and Percy Mkhosi.

Mtimkulu has been working in the residential property sector since 1995.

Mkhosi's background is in consulting to large banks.

Just Letting CEO Raal Nordin said the franchise was donated so thatJust Letting CBD would enjoy debt-free equity and premises.

"The trend worldwide is towards mixed residential and commercial usein large cities. Given the investment in the city by projects such as BlueIQ, amongst others, we see the inner city revival as an important marketand the perfect market in which to pilot a combined service offering ofresidential and commercial," he said.

Nordin said Just Letting also planned to open an office in the PretoriaCBD offering residential and commercial services, and was negotiating withanother black empowerment partner in this regard.

He said Just Letting would donate that franchise too, and would payfor the costs of setting up the Pretoria office.

Soweto would be considered for another black empowerment venture, hesaid, once the "right key people" had been found.

Business Day
Publisher: Business Day
Source: Business Day