Renew Adelaide has a vision for Adelaide to be an energetic city, that encourages people to try new things and supports
them in this journey. To this point, we culminated the 2018 financial year with some great successes. We have launched 25 new business during the year, meeting or exceeding all of our objectives in partnership with our funding partners, the Government of South Australia, City of Adelaide and Renewal SA.
We have worked across three precincts, CBD, Port Adelaide and North Adelaide, all with different strategic approaches to ensure that the right mix of businesses were launched, the property owners we worked with were engaged, and the area was improved as a result. To demonstrate the effectiveness of these strategies; we have seen a graduation rate, from rent-free to commercial lease, of 50%. This is a group effort across the board as a result of great working partnerships. It also shows that by removing some of the risks associated with starting a new idea, and being supported in it – then great outcomes can be achieved.
We are in the midst of the opening of 3 new businesses on Melbourne St, North Adelaide. We have worked together with the City of Adelaide, property owners and the existing traders to bring new offerings that complement rather than compete. The three new businesses are a unique retail offering- Black Cherry & The House of Dudley, a photography studio- Studio’s on Sussex, and a florist- Wilderstems. Our approach to this new mainstreet project has generated great media interest, and we look forward to seeing flow-on benefits to Melbourne St.
Last month we had the opening of Loop Circular Economy Platform. Their story is just as interesting as their service offering. Loop run workshops, advise large business and advocate for the circular economy- a way of reducing commercial wastage by redesigning initial product offerings to have another use after their primary life cycle has ended. They are also a graduate of the New Venture Institute, recently named the best university incubator in the Asia-Pacific. This highlights the pathway that is needed and offered through Renew Adelaide. We have a great entrepreneurial eco-system of accelerators and incubators, but the growth of these start-ups is often so unpredictable that committing to a commercial lease can be risky. Renew Adelaide offers a way for this business to create a physical footprint to grow their business without committing to a long-term lease which could hinder growth, or divert important capital away from the business venture itself. We look forward to watching Loop’s progress.
This has been the most successful year from Renew Adelaide supported businesses graduating from our rent-free model onto commercial lease. This is a great testament to the new business ideas the people of Adelaide are creating, as well as a reward for property owners who provide their property rent-free knowing the value of activating their tenancy. We have seen 12 business graduate across Adelaide and Port Adelaide. Congratulations to all involved for their support.