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RENEW ADELAIDE EXPANDS INTO OFFICE MARKET TENANCY

Posted by Dev Wpestate on August 22, 2016
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Renew Adelaide is expanding its property activations into Adelaide’s CBD office market under its thirty-day rent-free model in addition to continuing its successful operation in tenanting retail, hospitality and other spaces in Adelaide and Port Adelaide.

At the recent Property Council of South Australia Breakfast, Savills’ Tony Crabb stated Adelaide’s current office market vacancy rate to be 15.8% and as a figure set to rise over the coming years.

Renew Adelaide has operated in occasionally tenanting the office market in the past twelve months including the Epworth Studios in the Epworth Building, Krass Journal and Repeater Productions in The Block.

Incoming CEO, Tim Boundy, sees Renew Adelaide as well-positioned to tenant office spaces to support Adelaide’s start-ups and emerging businesses.

Renew Adelaide CEO, Tim Boundy said:

“Renew Adelaide has a proven skill in finding entrepreneurs and start-ups to tenant vacant spaces in Adelaide to help make the city a more interesting place to work, live and visit. Our new effort in working with office spaces in the CBD will serve the property industry with start-ups who can fulfil the mission for the adaptive reuse of C and D grade office stock and serve start-ups and entrepreneurs with an opportunity to leverage their business through short-term rent-free office tenancies.”

Through this new direction Renew Adelaide is now looking to partner with organisations throughout South Australia and Australia to expand its database of prospective candidates for space. Candidates will be put through Renew Adelaide’s application process to identify tenants for office spaces. In addition, Renew Adelaide is also looking to work with property owners and agents operating in the office market interested in tenanting their properties with people under the Renew Adelaide model.

Renew Adelaide is a not-for-profit activating vacant commercial space with creative and start-up projects under a rent-free, short-term tenancy model. Renew Adelaide is funded by State Government, Renewal SA and Adelaide City Council.

Case Study

In July, Renew Adelaide brought in a collective of fashion businesses that have brought a great deal of positive attention to the property. We placed 5 start-up fashion businesses who completely made over their spaces to bring a bright, modern feel in a beautiful old building, funded by Renew Adelaide and the tenants themselves. The tenant mix fit the Econ Group’s strategy to attract start-ups to their property, and following the announcement and media coverage of the project many more inquiries were made on leasing other tenancies in the building.

We’ve found that there are great benefits to clustering businesses – they support each other, feel part of a collective identity, and motivate each to grow. This is a first step in even more activations of office buildings with new businesses and industries.

How to Connect:

Property agents and owners interested in submitting property should contact Nicole Handley, Head of Property Nicole@renewadelaide.com.au.

Start-ups interested in receiving property alerts for office spaces should sign up for property alerts on the Renew Adelaide website.

Media Contact:

Biela McMillan

Brand and Communications Manager

0417 660 034

biela@renewadelaide.com.au

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