PROPERTY
Creating a hub for growth – Green Collect and YMCA ReBuild
Green Collect and YMCA Rebuild needed more space to house their businesses and stimulate their growth. That’s where White Box Enterprises came in.
Working towards zero waste to landfill, Green Collect delivers circular economy services for surplus office items. Their industry-leading approach delivers the highest environmental outcomes while at the same time creating new jobs in the growing green economy. Green Collect has built a diverse workforce that includes people who have previously experienced barriers to employment, with a deep commitment to inclusion, skill development and supportive workplace practices.
YMCA ReBuild is a commercial maintenance business that supports young people involved in the justice system with a pathway to reintegrate back into the community. ReBuild provides each person with mentoring, training and supervision for important trade, life and employability skills while delivering services including building and landscaping construction and maintenance, carpentry, painting and much more.
Both social enterprises were expanding at rapid rates – Green Collect was running out of space for the delivery of operations at their Braybrook warehouses, and as a result were finding themselves unable to meet the growing demand for their services.
During the expansion planning process, the property adjacent to Green Collect’s current warehouse became available for sale off-market. As the purchase price of $4.3 million was beyond reach for Green Collect or YMCA Rebuild alone, White Box Finance arranged a group of social impact investors to purchase the building on the basis of having long-term leases to social enterprises. The project expects to achieve an unlevered cash yield for investors in excess of 5.6% p.a. (with an expected levered yield above 8% p.a.) plus anticipated capital growth on the property.
White Box Finance coordinated the capital raise, including the documentation and legal processes required to meet settlement, while the property team managed the required fit-out works to bring the building to a modern standard. The Victorian State Government contributed a grant towards making the building accessible for people with a disability and creating spaces for building community. In particular, White Box Enterprises ensured that the leasing terms were appropriate for Green Collect in order for them to occupy the building as the anchor tenant while also striking a fair leasing deal for YMCA ReBuild to lease the balance of the space, creating the first private social enterprise property hub in Victoria.
The efforts of the White Box Enterprise team ensured that both organisations had space to thrive, creating a permanent space for 350+ jobs to be created over the next ten years for those who are overcoming barriers to work.
Best of all, this project is tangible proof that social enterprise property hubs can work with the support of both the public and private sectors to create incredible opportunities for high social impact.
Need space and the support to ensure your social enterprise can grow? Contact us to see how White Box Enterprises can help you on your journey to creating more jobs and building impact.
Are you a social enterprise looking for a new home, or do you have a space you’d like to re-purpose?
Get in touch with our property team today (don’t worry, we’re good at finding the capital to fit out these spaces too).
Our Locations
Brisbane
1/309 North Quay, Brisbane 4000
Mailing Address:
PO Box 590, Fortitude Valley 4006
Social Enterprise District
– Mt Gravatt
1030 Cavendish Rd,
Mount Gravatt 4122
Careers
White Box is always on the lookout for people that have social enterprise in their blood. We don’t have any positions open at the moment but we are always recruiting. Find out more.
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Acknowledgement of Country
We are proud to work with social enterprises all over Australia. We acknowledge and pay our respects to the Traditional Owners of the land we work and live on, recognising that Sovereignty was never ceded. We pay our respects to the First People of this country, their culture and Elders past, present and emerging.