On 17 July we announced the sale of our office accommodation known at 8C Hughes Street, Potts Point, NSW. This decision was made in alignment with our strategic planning, where we have been completing a widespread review of our property assets. This review is intended to ensure our property assets are supporting our long-term business goals and the future we envisage for our members.
You can find our FAQs related to the sale and relocation process below. They will be updated as new information comes to hand.
FRequently Asked Questions
As part of our strategic planning, we have been completing a widespread review of our property assets. This is to ensure they are supporting our long-term business goals and the future we envisage for our members. The review found the building was not fit for the future we envisage for our New South Wales employees and members.
JHP Property Development Pty Ltd (JHP) a Sydney-based property development company with a focus on residential and mixed-use projects.
That’s really a question for JHP as the new property owners. We have secured a 12-month lease from JHP to remain in the building while we work towards securing our new NSW premises. We’re now a tenant so our liaison with JHP is limited to our tenancy only.
Our Property Working Group will work with the NSW employees and members to create an NSW taskforce. This taskforce will be responsible for finding our new premises, a place which aligns with our future aspirations. The taskforce may identify several options to consider such as a temporary rental space before finding our permanent location or we might move directly into our new home. There will be regular engagement with our NSW employees and members throughout the relocation process.
We will be engaging with the NSW team and members shortly to agree how the taskforce will run and to provide information about how to can get involved. Keep an eye out for more details shortly.
Access to the building will remain the same until we relocate. Members will then benefit from a new premises which more easily enables connections within the Institute, each other and the industry. The Tusculum building will also continue to be available to our members after the Institute vacates the office building per our lease agreement with the Museums of History NSW.
There will be no change to our lease agreement with Museums of History NSW for the Tusculum building. Members may continue to use it as normal after NSW employees vacate from the office building.
All proceeds are reinvested back into the RAIA Group, not into specific chapters. As such, proceeds from the building will be reinvested into the Group and go towards progressing our future plans for the Institute.
The sale of the building is not a reflection of hardship but of our strategic planning. As part of this, we’ve been completing a strategic widespread review of our property portfolio. Our strategic planning is all about ensuring the Institute is set up for the future and delivers value for our members.
While the sale proceeds will enable the Institute to reduce debt this year and further strengthen its financial position, debt reduction was not the reason for the sale. The sale arose from our widespread property asset review, which identified the need for premises better suited to the needs of our NSW employees and members, together with an unsolicited opportunity to sell that aligned with the review.
We are still working through our property asset review and will communicate with Institute employees and members as soon as any decisions are made about other properties.
Our Property Working Group, which oversees our property portfolio, will work with the NSW employees and members to create an NSW taskforce. This taskforce will be responsible for finding our new premises, a place which aligns with our future aspirations. There will be regular engagement with our NSW employees and members to share information and answer questions from employees, members and industry stakeholders throughout this transition.
We have secured a 12-month lease from JHP to remain in the building while we work towards securing our new NSW premises.
The NSW taskforce will be responsible for finding our new premises, a place which aligns with our future aspirations. This will consider all locations in Sydney including central. The Institute will keep employees and members informed throughout the process to provide visibility of potential locations and timelines.