August 3, 2015
Women’s Property Initiatives is the latest social enterprise to be added to Social Traders’ Social Investment Portfolio.
Women’s Property Initiatives (WPI) initially participated in the Crunch 2013 to develop their idea of a social enterprise real estate agency and officially opened their professional real estate business Property Initiatives Real Estate (PIRE) in April 2015.
“WPI is delighted to be added to the Social Traders Investment Portfolio. Through lots of hard work, two generous grants from the Alfred Felton Bequest, ongoing commitment from the WPI Board of Directors and fantastic ongoing support from Social Traders it has happened,” says Jeanette Large, CEO of Women’s Property Initiatives and Property Initiatives Real Estate.
PIRE has also just landed its first major deal, winning a competitive tender with Grocon to manage the rent list for the 21 storey apartment building that’s being built on the site of the Carlton United Brewery in Bouverie St.
“This brilliant start gives me confidence that our social enterprise will definitely achieve its proposed Social Impact of providing a revenue stream for WPI to be able to acquire more housing for disadvantaged women and their children,” says Large.
The PIRE agency offers sales and property management services in the private rental market, selling and managing properties. Profits are channelled back into WPI property projects to provide more housing for women and their children at risk of homelessness.
WPI aims to provide affordable housing to disadvantaged women and their children in the face of a 20% decline in government provision for community housing and a waiting list of approximately 40,000 in Victoria, rental vacancies at a 25 year low and rental prices continuing to climb.
WPI currently owns and manages a portfolio of 65 properties, housing 178 women and their children and will acquire an additional two properties in Cheltenham in August. In addition, WPI have a development underway in Coburg which will deliver nine additional properties to their portfolio. This project is a great example of the type of development WPI can undertake with the revenue generated from Property Initiatives Real Estate.
“Our support for Property Initiatives Real Estate demonstrates what can be achieved with the right blend of start-up capital and business support; beyond our own investment of money and time, Social Traders’ also assisted PIRE to access an unsecured, patient, impact investment loan from a leading Melbourne-based philanthropic trust,” says Social Traders’ Head of Investment and Advisory, Libby Ward-Christie.
“This is exactly the kind of appropriate blended capital and support that social enterprises need if we are to see growth of the sector in Australia,” Ward-Christie continues.
WPI joins ten other high calibre organisations currently in the Social Traders Social Investment Portfolio.