Lotsane Junction Mall secures 50% tenancy

Koketso Kgoboge | Wednesday January 24, 2018 17:00

 

The 12,000-square metre mall officially opened last November. 

Lotsane Junction currently has two businesses operating, Food Lovers Mart and Caltex Filling Station.

This week, property manager Kenneth Ndebele said tenancy agreements have been sealed with businesses such as JB Sport, Cellphone Warehouse, Verimark, and Fragrance Options, among others.

In addition, brands such as Pepkor Retail Properties, the parent company of Ackermans and Pep Stores, Foschini group and two banks have also signed up.

“In fact, one of the banks will be operating a regional branch from the mall,” he said.

“Talks are also at advanced stages with different restaurants who have said they are awaiting approvals from franchise managers.”

Ndebele expressed confidence that by June at least 75% of the mall would be let out.  He also said Lotsane Mall has sub-divided a 700-square metre space into 10 sub-units to cater for local small to medium enterprises.  These units are already occupied.

“Everything is on track.

“It’s a milestone to have managed to cover half of the mall and we are expecting a hive of activity to swing in sometime around March. Everything is sealed and we are just waiting for our tenants to come in and start their operations,” the property manager said.

He revealed that most of the space left is for ‘big tenants’ that are in the process of securing trading licences before they can commit to lease agreements.

“We have signed offer letters and these are people we are doing business with in our different properties around the country. It is not an easy thing to get a mall this big 100% operational, but the way things are going I am confident we will manage.”