The City of Adelaide has allocated $60,000 funding to extend Renew Adelaide’s operations to Melbourne Street, North Adelaide.
The funding facilitates up to four new Renew Adelaide projects on Melbourne Street to provide additional employment in culturally and socially interesting new establishments to complement existing businesses.
Lord Mayor of Adelaide, Martin Haese, said:
“Additional funding provided by City of Adelaide has enabled Renew Adelaide to specifically address changing trends in tenant mix in the street which has resulted in increasing commercial vacancies in recent years.
“Renew Adelaide has proven success in clustering multiple projects in close proximity to each other, enhancing specific precincts and enabling businesses to support each other. This adds significant value to new and existing tenancies by increasing foot traffic and renewed interest in the area.
“Regent Arcade, Topham Mall, and the Epworth Building are three focus areas where clustering tenants has demonstrated a multiplier effect – benefiting new and existing businesses.
“Council has seen positive outcomes in Regent Arcade where Renew Adelaide placed seven retail start-ups and within nine months, five of these have taken on commercial leases.
“The Renew Adelaide team will work closely with the North Adelaide Precinct Association and local businesses to ensure existing businesses are supported by carefully curating the projects that are secured in the street.”
Renew Adelaide Chairman, Nick Begakis said:
“Renew Adelaide has always had a strong partnership with City of Adelaide, and we strengthen this through the specific focus on Melbourne St in North Adelaide.
The opportunity to test, trial and experiment with exciting business ideas will attract new people to the area, by leveraging the vacant real estate to strengthen the precincts reputation and appeal.”
Renew Adelaide CEO, Tim Boundy said:
“Over the past 7 years, Renew Adelaide has facilitated 154 partnerships between property owners and new businesses to create retail and cultural destinations that are complementary to neighbouring tenancies.
“Renew Adelaide’s model is applicable to any precinct and is applied subject to funding. We are so pleased and excited to receive the support of the City of Adelaide and support the property owners of Melbourne Street as they require.
“We look forward to working together with the precinct and deliver an outcome that current tenants would like to see on their street.”
Melbourne Street currently has a commercial property vacancy rate of 14.9%. The City of Adelaide’s funding allocation will support the establishment of 4 properties over a 12-month period, resourced by the Renew Adelaide team, in partnership with property owners and the entrepreneurs who will activate properties.
Property owners interested in working with Renew Adelaide should contact Renew Adelaide’s Head of Property, Andrew White. Entrepreneurs who are interested in activating Melbourne Street should join the Renew Adelaide mailing list to receive Property Alerts for properties as they become available.
Renew Adelaide is a non-profit curating creative enterprise in vacant commercial property.