Revamping old CBD office space pays dividends for not-for-profit Renew Adelaide
An Adelaide not-for-profit outfit that helps breathe new life into empty and often decaying office space around the CBD, is proving a financial and career winner for South Australia
A government funded not-for-profit outfit that helps breathe new life into empty office space around the Adelaide CBD, generated a $2.5 million benefit to South Australia in 2017/18.
An analysis by Deloitte Access Economics shows that for every $1 invested into Renew Adelaide, $3.9 goes into the economy through profits, wages and commercial rent.
Renew Adelaide chief executive officer, Tim Boundy, said the cost-benefit ratio had improved significantly from $2.4 to 1 in 2015.
“The financial benefits and return on investment of the program are demonstrated clearly but they only tell part of the story,” he said. “We inspire young people to try new ideas, transform retail and office precincts encumbered by blight, and create partnerships between the established, asset rich property industry and the emerging entrepreneurs and industries of Adelaide’s future.”
The true value of Renew Adelaide, which has been operating since 2010, lies in providing pathways for people to see small business as a career path Mr Boundy said, and in making Adelaide an energetic and exciting place that attracts and supports new ideas.
Deloitte Access Economics partner, Aaron Hill, said the positives are not just financial.
“The benefits of Renew Adelaide’s program should also be seen beyond monetary terms. Many other economic, cultural, and social benefits are attributable to its activities, through supporting entrepreneurs and activating the city,” he said.
Renew Adelaide helps start-ups in available spaces in and around Adelaide via flexible rent free licences that can last several months. Recent projects include the fashion retailer Solomon Street in Regents Arcade and media hub, House of Spaghetti, on Hutt St.
City of Adelaide Lord Mayor, Sandy Verschoor, said it was pleasing to see the financial boost for property owners when Renew Adelaide ventures graduate to a commercial lease.
Renew Adelaide has launched 184 ventures and supported more than 218 new jobs in the past four years and is funded by the state government and City of Adelaide.