annual report 2014/2015 - venture housing

Annual Report 2014/2015

2 3Venture Housing Company 2014-2015 Annual Report2014-2015 Annual Report Venture Housing Company

Contents

VISION STATEMENT

For all Territorians to be able to access affordable and secure accommodation with an emphasis on the provision of affordable housing for key workers. Venture Housing Company’s goal is to make a significant contribution to the supply of affordable and social housing in the Northern Territory by working with the government, private sector and NGOs through partnership to deliver housing projects.

VENTURE’S VALUES

• Inclusiveness, choice and greater equity for our clients.

• Customers and staff being central to all things.

• Innovation in our thinking and actions.

• Collaboration and partnerships.

• Transparency, honesty and trust in all our dealings.

• Application of business-like disciplines and accountability alongside strict standards of Governance.

ABOUT VENTURE

Venture Housing Company (Venture) provides affordable housing options for Territorians.

Venture was established in December 2011 following a national tender called by the Northern Territory Government seeking an effective response to the growing housing affordability crisis amongst low and moderate income groups in the Northern Territory.

Venture Housing Company is a company limited by guarantee and has both Charitable and Public Benevolent Institution status.

Venture focuses on providing rental housing for low to moderate income earners in the Territory who are struggling to find a home but may not qualify for public housing. There is a strong emphasis on targeting key workers vital to the Territory’s economy, such as those in the retail, hospitality and trade sectors.

Venture also provides and manages housing for seniors and is working towards innovative solutions to the provision of housing for disadvantaged groups in the community. To achieve this, Venture works with the Northern Territory Government, the private sector and other non-government organisations through partnerships to deliver housing projects.

By the end of 2015, Venture will own 160 dwellings in the Darwin and Palmerston region. Venture’s primary focus for its 2015-2018 Strategic Plan and its 2015-2025 Strategic Asset Management Plan is to utilise the initial capitalisation and further leverage to maximise its ability to provide solutions across the housing continuum.

Vision and ValuesVision and Values 2

Vision Statement 2

Venture’s Values 2

About Venture 2

Chairman’s Report 5

CEO’s Report 6

The Team 8

Directors 8

Staff 11

Thank You To Housing Choices Australia 11

Financial Statements 12

A Renaissance in Driver 14

Venture’s First Affordable Housing Project 14

Driver Planning and Urban Design 16

Driver Innovation and Unique Features 16

Driver Community Creation and Integration 16

Driver Affordability 17

Driver Standard of Finish 17

Driver Marketing and Market Acceptance 18

Environmental 18

Built Form and Architecture 19

Engineering 19

Overview of Venture’s Housing Portfolio 20

Venture Client Profiles 22

Anticipated Housing Portfolio as at 01 Janaury 2016 26

Anticipated Property Mix as at 01 January 2016 27

Tenant Feedback 29

Tenant Participation, Consultation and Feedback 30

Valued Partners 30

Venture Housing’s Key Strategic Priorities and Objectives 2015 - 2018 31

Key Strategic Priorities 31

5Venture Housing Company 2014-2015 Annual Report

Chairman’s Report

It is my great pleasure to present the Annual Report for Venture Housing Company for the 2014/15 Financial Year which has delivered substantial progress toward the establishment of Venture.

Venture was established as a non-government community housing organisation and operates on a not-for-profit basis (or, as we like to refer to it, on a ‘for purpose basis’) to deliver innovative solutions to housing needs of the people of the Northern Territory.

The current focus of Venture is housing for low to moderate income households, predominantly working Territorians in support industries in the greater Darwin area. This will expand to a range of need areas, sustainable community models and pathways to home ownership in the wider NT context.

Venture has now been operating for three full financial years, with its primary focus progressing through the establishment phase involving the capitalisation of the organisation by the Northern Territory Government and establishing Venture’s own operational platform. The full capitalisation is anticipated to be completed by early 2016. Whilst subject to slightly subdued market conditions, the full capitalisation provides Venture with a substantive growth capacity and that is the charter of Venture, to use this capitalisation and wider partnerships to grow.

Venture has now fulfilled its Constitutional governance structure and welcomed five additional General Members based in the Northern Territory, who subsequently elected three Northern Territory-based directors to our

Board. We welcomed Deborah Hall and Stuart Munnich as directors to the Board in late 2014, together with Jill Ritherdon (although recently resigned as director to take up the position of Chief Executive Officer following a national search process in early 2015).

The appointment of Jill to the CEO role has witnessed a rapid embrace and advancement of the operational platform of Venture and expanded engagement with our key stakeholders.

In mid-2015, Board re-set its Strategic Priorities going forward being:-

• The Growth of Venture’s Affordable Housing Portfolio in the Northern Territory

• Partnering with Key Stakeholders

• Developing a Diversified Business Model, and

• Building the Capacity of the Organisation.

In this respect, we aim to be at the grass roots of need in the community, and be a response to gaps in housing provision. This will be maximised through partnerships of bringing various parties’ contributions together for mutual benefit.

We have completed our 10-year Strategic Asset Management Plan which provides a blueprint of the growth agenda and the sustainability of our existing housing and tenancies.

We are very excited by the possibilities.

Matthew Adcock Chairman, Venture Housing Company


Jill Ritherdon CEO, Venture Housing Company

CEO’s Report

I am proud to be the Chief Executive Officer of Venture Housing as I believe it to be uniquely positioned to provide innovative housing solutions for Territorians across the Northern Territory’s housing continuum due to its nimble ‘For Purpose’ structure and use of commercially-based methodologies to facilitate social outcomes through leveraging its significant capitalisation by the Northern Territory Government.

Safe and affordable housing is key to safe, healthy and productive communities. It sits firmly as a crucial requisite on Maslow’s Hierarchy of Needs and a lack of appropriate housing can substantially constrain the Northern Territory’s economic advancement and is a, if not the, primary contributor to the considerable cycles of disadvantage. These come at a significant cost, to the individuals concerned with respect to their health, safety, well-being and ability to be positive contributors; to the community in regards to crime, safety, cohesiveness and availability of services that are not overburdened; and to the economy in terms of lost opportunities for employment and tax-payer creation and the burgeoning costs of health care, correctional services etc. The vast Northern Territory, with its small and geographically-dispersed population; remote communities; Asian economic focus; job opportunities (low unemployment) but high rate of homelessness (731:10,000); long public housing waiting lists and aging stock; presents unique challenges and exciting opportunities.

Venture is committed to understanding the unique Territorian housing environment. “One size fits all” and decisions made without understanding the Territorian context have failed in the past. Appropriate housing along the housing continuum is an “all of government” infrastructure and economic development issue but one where Venture, as a commercially-astute, nimble “For Purpose” business, is well-placed to deliver innovative solutions, in strategic alignment with the Northern Territory Government, in identified key areas, and, where support is required, in partnership with key community support providers. Whilst still in its capitalisation phase,

Venture is investing in its future with considerable investigations already underway with respect to strategies, products and future developments and strong alignments with our key property development partners.

Arriving on board to lead the operational team on 01 June 2015, I was thrilled to be involved in the final stages of the Driver development (please read more below on that subject) and its official opening – a milestone first ‘Venture’ which has created a renaissance in the streetscape of Driver Avenue and already has a sense of community amongst its new tenants.

My team has some new and very welcome additions: Alana Phillips, Property Manager extraordinaire and Naomi Turk, Assistant Property Manager and administrative guru! These two have taken up the challenge and are providing excellence in customer service whilst ‘on-boarding’ new properties and new tenants. These two join Jenny Jan, Finance Officer and steadfast captain of the ship for many months and Caitlin Lee, Property Manager, who is currently on maternity leave and will be welcomed back next year. They are a lean, customer-focussed, multi-tasking and nimble team who have all gone ‘above and beyond’ in very busy circumstances and I thank them wholeheartedly!

We are purposefully small and nimble. Venture has a philosophy of contracting out to key commercial partners those areas, such as property development, that require specific expertise, thereby ensuring we have ‘best practice’ and ‘state of the art’ thinking and products at our fingertips in the most efficient and risk-divested model. We are also supported by our Foundation Member, Unity Housing, one of the largest community housing providers in the southern states and can draw on them and their experience.

I would also like to pay particular thanks to my Chair, Matt Adcock, for his support. Any executive role is challenging in the first few months and Matt has gone out of his way to provide background and advice as the interface between operational matters and Board governance.

Every structure needs solid foundations and I used the first months in the role to ensure these were reinforced in a Northern Territory context whilst also further developing solid commercial, governmental and NGO relationships and partnerships to support Venture’s future projects and growth. There is an emerging pipeline of exciting and cutting-edge opportunities to be explored and a lot of ‘Add Venture’ ahead! I look forward to revealing more in my next CEO Report.

Matthew Adcock Chairman, Venture Housing Company Unity Housing Company Nominee

Matthew is a Bachelor of Business (Property), VAL and PRM, Member of Property Council of Australia. He is a Director of Leedwell Strategic, a strategic property advisory firm. His experience includes a broad range of property projects across commercial, retail, residential and specialist property projects.

Matthew Woodward Director, Unity Housing Company Nominee

Matthew is CEO of Unity Housing Company, the largest provider of community housing in South Australia and a leading national provider with over 2,000 properties across SA providing a range of affordable accommodation options to over 4,500 people every night.

Matthew has worked in human services across the Government and non-government sectors in Australia and overseas for over 30 years and has been active in supporting the development of a broadly based not-for-profit sector with the capacity to take a pro-active role in addressing the lack of affordable housing supply. This work has included participation on numerous state and national bodies as government/Ministerial nominee or elected NFP sector representative.

Deborah Hall Director, NT Nominee

Dr. Deborah (Debbie) Hall AGIA, PhD, MSc, BSc(Hons) is a versatile, experienced business manager with broad experience in a range of roles and organisations both in Australia and internationally. She is currently General Manager – Northern Territory for the global professional accounting association CPA Australia, a position she has held for close to 10 years. Previous roles include teaching and research-focused academic positions, the development and management of a community based environmental education centre in South Africa and capacity-building roles within the Australia aid program in Papua New Guinea. Motivated to improve the well-being of individuals by building an inclusive society that creates opportunities for all to participate, Debbie has strong governance and communication skills which underpin her ability to build relationships and partnerships.

Stuart Munnich Director, NT Nominee

Stuart is a House Parent with Marrara Christian College, managing and caring for up to 10 Indigenous students from remote communities. Prior to this, he worked with the Department of Housing as a Project director and was instrumental in establishing Venture Housing Company. Stuart also managed the NT Government’s home loan portfolio and affordable housing initiatives, having over 18 years’ experience in the finance industry.

Board of Directors

Chief Executive Officer

Property Manager

Inspections Officer

Finance Officer

Assistant Property Manager / Administration Officer


DIRECTORS

The Team

Noel Phillips Director, Housing Choices Australia nominee

Noel has over 20 years’ extensive experience in finance, operations and management. He has worked in leading organisations in the retail and hospitality sectors, such as Ray’s Outdoors, National Leisure & Gaming Limited and Australian Leisure and Hospitality Group. Noel has experience in developing strategic business plans, including mergers and acquisitions and a deep understanding of finance and accounting-related matters.

Michael Lennon Director, Housing Choices Australia nominee

Michael’s 25-year international career in housing, planning and urban development includes a term as CEO of the Glasgow Housing Association, where he oversaw the largest housing stock transfer in Europe. Prior to this, he was the first CEO of Housing New Zealand Corporation. In 2008, Michael established and began the growth of Housing Choices Australia, where he remained as CEO until 2012. A leading thinker and contributor to the sector, Michael also led the restructure of the Australian Housing and Urban Research Institute (AHURI).

Michael has been Managing Director at Housing Choices Australia since June 2014.

Jillian Ritherdon Director (Part Year), NT Nominee

Jillian (Jill) Ritherdon FAIM, GAICD, CAHRI, DipSupÉtsJuris, DipSupTradInt, GradDipBIA, LLM, has over 20 years management experience, most particularly in the successful conception and implementation of change, cultural diversity, risk and strategic management plans, in global corporations, SMEs and For Purpose organisations, within Australia and internationally. She was most recently the Executive Director of the YWCA of Darwin and the 2014 NT Telstra Business Women’s Award winner in the Community and Government and Innovation categories. Jill was previously a Manager with Air France KLM and the Company Secretary of a boutique Financial Services group in Sydney NSW. Her experience includes bringing an Aboriginal organization into profitability and owning a motel in Derby WA. Jill spent ten years working on large, culturally diverse and geographically dispersed infrastructure projects in emerging nations with Siemens AG. A capable protocol expert and professional communicator, Jill studied and commenced her career in France and speaks fluent French and professional German.


STAFF

VENTURE HOUSING’S STAFF MEMBERS ARE:

Chief Executive Officer: Jillian Ritherdon (since 1 June 2015)

Finance Officer: Jenny Jan

Property Manager: Alana Phillips

Property Inspections Officer: Caitlin Lee (currently on Maternity Leave)

Assistant Property Manager: Naomi Turk

Critical to Venture is a commitment to the best outcome for our customers as a priority focus - this focus and empathy is clearly evident in each of our staff team members who go beyond the norm to find solutions to individual’s circumstances. Matthew Adcock, Chairman

THANK YOU TO HOUSING CHOICES AUSTRALIA

Venture Housing Company was founded in 2011 by two of Australia’s leading community housing organisations, Unity Housing Company and Housing Choices Australia.

Following the establishment phase, Housing Choices Australia decided to consolidate its interests and activities in other parts of Australia and enable Venture to pursue its own course and future as a Northern Territory-focussed organisation.

We therefore thank Housing Choices Australia for its instrumental involvement in Venture’s inception.

Unity Housing Company will maintain its foundation membership going forward and continue its contribution to support Venture’s charter.


STATEMENT OF FINANCIAL POSITION As at 30 June 2015

2015 $

2014 $

ASSETS

Current assets

Cash and cash equivalents 846,334 7,338,076

Trade and other receivables 743,966 373,604

Other current assets 65,799 48,476

Total current assets 1,656,099 7,760,156

Non-current assets

Property, plant and equipment 58,359 1,521,325

Investment properties 25,500,000 17,670,000

Total non-current assets 25,558,359 19,191,325

Total assets 27,214,458 26,951,481

LIABILITIES

Current liabilities

Trade and other payables 510,331 137,581

Other current liabilities 520,437 8,532,116

Total current liabilities 1,030,768 8,669,697

Non-current liabilities

Employee Provisions 1,633 1,661

Non-current liabilities 1,633 1,661

Total liabilities 1,032,401 8,671,358

Net assets 26,182,057 18,280,123

EQUITY

Retained earnings 26,182,057 18,280,123

Total equity 26,182,057 18,280,123

This is an abridged version of the financial statements of Venture Housing Company Ltd for the year ended 30 June 2015. The full set of financial statements and accompanying notes are obtainable on request from Venture Housing.

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the year ended 30 June 2015

2015 $

2014 $

REVENUE

Rent 837,009 708,288

Government recurrent grants 346,572 290,304

Capital Grants 8,113,892 4,302,236

Other Income 3,050 1,634

Total Revenue 9,300,523 5,302,462

EXPENSES

Cost Recovery - Unity Housing Company Ltd 10,000 159,584

Cost Recovery - Housing Choices Australia Ltd - 28,010

Depreciation 24,345 9,232

Fair value loss on revaluation 385,887 -

Maintenance expenses 31,844 8,041

Rates and taxes 51,487 39,682

Other property expenses 291,664 182,322

Administration expenses 256,947 137,400

Staffing costs 279,636 164,158

Office expenses 49,537 24,606

Bad debts expense 17,586 -

Total expenses 1,398,933 753,035

FINANCE INCOME AND COSTS

Finance income 344 598

Finance costs - -

Net finance income 344 598

Net profit for the year 7,901,934 4,550,025

Other comprehensive income - -

Total comprehensive income for the year 7,901,934 4,550,025

This is an abridged version of the financial statements of Venture Housing Company Ltd for the year ended 30 June 2015. The full set of financial statements and accompanying notes are obtainable on request from Venture Housing.

FINANCIAL STATEMENTS


Importantly, the housing was to be of a quality, size and amenity reflective of general market housing but at an entry point which transcends the high price of the Darwin market and is sustainable for low to moderate income workers.

The design solution was a community-based group development (unit titled for flexibility of future tenure options) providing dwelling typologies for smaller or emerging families, young couples, shared tenancies and even adaptable housing for senior members of the NT community. Venture embraced the elevated housing form for twelve of the dwellings with single storey housing comprising the balance.

Although all dwellings are fully air-conditioned, a main focus was to design the buildings to maximise natural airflow to enable occupants to choose to reduce energy costs through managed living conditions at various stages of the tropical season. As detached dwellings, they all feature a high level of natural light, quality aspect (either to the central community garden, open space park or streetscape frontage) and security. The development received a 7.4 Nationwide Housing Energy Rating Scheme rating.

Fundamentally, the design reflects a grouping of townhouses and choice of house styles, each with its own private open space with extensive use of balconies and private yards and community access areas.

A primary model of Venture is sustainable community. Whilst the development contributes significantly to the regeneration of the Driver centre, the development itself is structured to be socially robust with a mix of tenant cohorts from young people, couples (with and without children), and several dwellings for older members of the community, two of which have accessibility adaptations to foster ongoing independence for this latter cohort.

A primary focal point is the community produce garden; a smorgasbord of tropical fruits and vegetables from pineapples, tropical citrus, strawberries, eggplant and other surprises to start the ball rolling. Tenants are encouraged to add, contribute, re-generate and explore the possibilities. Ultimately, Venture co-ordinates a tenant management understanding and pays the water bill!

From a built form perspective, selections included a reflection of traditional Darwin lightweight materials including iron cladding, hardwood timbers complemented with a concrete tilt up base for cyclonic resistance. Internal finishes are detailed to private market specifications with added robustness given to

proposed tenant usage including fully tiled floor and quality hardware. Whilst costing a little more up front, Venture considers this investment essential for longevity over a 20-year lifecycle and maintains a prudential asset management plan for sustainability.

Venture engaged Halikos Construction as its construction partner via a competitive tender on a fixed price novated design and construct basis. The project was constructed through the Wet season presenting a variety of programming and co-ordination challenges, however, the development was successfully completed in seven months, and seven days ahead of schedule.

Chairman of Venture, Matthew Adcock said: “The ultimate test of this affordable housing project is to genuinely ask yourself “would I bring my family to live here”, for me, the answer is yes, definitely”.

As a genuine affordable housing outcome, Venture has secured the 20 dwellings under the Commonwealth Government’s National Rental Affordability Scheme which is available to individuals and households of low to moderate incomes (check www.nras.gov.au for eligibility); broadly those on household incomes of circa $47,000-$65,000 per annum (and higher with multiple children) and Venture’s aim is to ensure that households do not pay more than 35% of gross income on rental costs. This would represent approximately 55%-73% of market rental levels, with discounted rentals ranging from $267-$356 per week. All dwellings are two bedroom housing.

In reviewing lessons learnt from the Driver project, Jill Ritherdon, Chief Executive Officer of Venture said: “Perhaps on reflection, and still noting the need to cope with very heavy rainfall in the Wet, slightly less concrete in the centre of the development, more green space with a community pergola and BBQ area and more influence on the front end of the design phase are areas we recognise that we can improve in our coming projects”.

“We are proud of the landscape outcome in particular, with our landscape team, SMEC, and builder purchasing plants at the commencement of the project as cost efficiently as possible and growing out these plants through the Wet season to provide a much enhanced maturity of plantings. This has been a consistent positive comment from tenants, visitors and locals”.

The Driver Affordable Housing Project is the first of a proactive growth program proposed by Venture to meet housing need in the Territory.

Stay tuned for the next Venture!

A Renaissance in Driver

VENTURE’S FIRST AFFORDABLE HOUSING PROJECT

Driver is one of the first, post Cyclone Tracey suburbs of what is now the City of Palmerston, built extensively as a mixed public housing and private market area in the early to mid-1980s. Some 35 years later, those initial developments which represented the enduring resilient Australian spirit are again the opportunity for the next generation of hard-working Territorians.

The emergence of Palmerston, in the greater Darwin region, as a high growth and modern city, coupled with the need for cyclonic performance and higher building cost drivers, has resulted in the cost of housing in Darwin has reaching peak levels, third only behind Sydney and Melbourne.

The ability for those on low to moderate incomes in key employment sectors such as retail, nursing, hospitality, community services, emergency services, and administration, together with those employed in a wide range of support services sectors, to sustain such high occupancy costs has become an ever increasing pressure point.

Enter, Venture Housing Company. Venture was chartered with the redevelopment of the Driver land, a former public housing site at 69 Driver Avenue, Driver in Palmerston. The site is now transformed into 20 elevated and single storey affordable houses for rental by individuals, couples and smaller families on low to moderate incomes.

Venture’s challenge with the Driver site was two-fold: to create a high quality development which would underpin the renaissance of the Driver suburb, and, secondly, to deliver genuine affordable housing which was fit for purpose, socially sustainable and ideally self-managed.


DRIVER AFFORDABILITY

The Driver project is specifically an Affordable Housing development and, being so, is specifically structured to meet both the Commonwealth Government’s NRAS Regulations and NT Government’s Affordable Housing Policy directions otherwise the development does not comply and is not Affordable Housing. Venture operates on a model which is consistent with the principles of the National Regulatory Framework and its obligations to house persons of disadvantage (both Constitutional and contractual).

As a genuine Affordable Housing outcome, Venture secured the 20 dwellings under the Commonwealth Government’s National Rental Affordability Scheme which is available to individuals and households of low to moderate incomes (refer to www.dss.gov.au for eligibility criteria); broadly those on household incomes of circa $47,000-$65,000 per annum (and higher with multiple children). Venture’s fundamental aim is to ensure that households do not pay more than 35% of gross income on rental costs (the national benchmark of ‘Affordable’ being 30%). This would represent approximately 55%-73% of market rental levels, with discounted rentals ranging from $267-$356 per week.

This framework enables a mixed cohort including singles, co-share, couples, families and the elderly. Specifically, this housing would appeal to key workers, single working people with children and others in a stage of life where housing cost relief enables stability of life options and a springboard to independence.

DRIVER STANDARD OF FINISH

The standard of finish is required to comply with Venture’s Affordable Housing Specification. Whilst this Specification is designed on a prudential life-cycle performance criteria, Venture’s philosophy with the Driver project is that the standard of finish is consistent with quality market housing so as to be indistinguishable. This includes ceramic tiled floors throughout, high quality wet areas, blinds and curtains, light fittings, secure balconies, fully-fenced private yards, private storage areas, quality landscape (including established grass), fully covered car parking, visitor parking and other features expected by the general market place. Venture’s primary goal is to bring financial innovation to the project and not to reduce the cost or quality of the project.

The standard of finish has consistently been a point of positive commentary with tenants and visitors.

DRIVER PLANNING AND URBAN DESIGN

As Affordable Housing, the Project was required to deliver on four (4) fundamental planning and design criteria:

1. Venture’s Affordable Housing Specification - being fit for purpose for eligible occupants (being a mixed cohort development) in terms of quality, liveability, safety and cost effective living platform;

2. Venture’s prudential 20-year Asset Management Plan and strategy (to ensure sustainability of use on a life cycle basis in a tropical environment);

3. Quality design and built form balanced against a cost effective platform (to reflect NT Government and Commonwealth Government benchmarks and policy frameworks for Affordable Housing),

4. Built form (architecture, materials and functionality) is generally aligned to current market design options by the private sector (to operate under the Residential Tenancies Act and potential sale in the future).

The site presented unique opportunities including an extensive street frontage to Driver Avenue, backing on to mature tree-lined open space (part of flood management, but serves as a dual public space in the dry season), adjacent to a local retail centre in need to re-generation, and adjoining two-storey housing. Venture developed a specific Urban Design Brief to maximise these site features including:-

1. Adoption of CEPTD principles of passive overlooking of the open space to the rear (from elevated built form) but offering a unique tree top outlook and environment;

2. Minimise overlooking and overshadowing of the adjoining two storey housing (to minimise impact);

3. Fully embrace Driver Avenue with a bold and striking streetscape and all car access to the rear of a central common area as a transformational place-making initiative;

4. Embrace a central focal point for internal community activity including the community produce garden (for tenant participation and social interaction);

5. Ensure appropriate interface to the adjoining local retail centre via side boundary separation;

6. Detached dwellings to maximise privacy (physically and noise attenuation), air flow, self- management and house energy ratings;

7. All dwellings are two bedroom housing to enable flexibility of shared living, smaller families and elderly couples (or individuals with support or visiting children);

8. Two single-storey dwellings have accessibility features to assist seniors with their mobility and independence.

The design is fully compliant with the existing zoning and maximised site yield as a highest and best use approach.

DRIVER INNOVATION AND UNIQUE FEATURES

The primary non-standard features include:-

1. The common community produce garden – a central community interaction initiative to enhance tenant co-operation, engagement and participation;

2. Advanced landscape (pre-purchased and grown out during the wet season to reduce cost but ensure that the development quickly embraces maturity (a limiting factor for many new developments));

3. A proposed tenant management arrangement to create community rather than exclusivity,

4. Independent metering to enable transitional to affordable home ownership should this become an initiative of Venture in the future.

DRIVER COMMUNITY CREATION AND INTEGRATION

Community integration is paramount to Venture and Driver is an infill site within an established residential environment. A main focus of the project was its contribution to the local area as a mixed-use central activity node (retail, education and existing neighbourhood). This, therefore, involves an ongoing interface with the adjoining school, Palmerston City Council, Police and others given the context of the locality and its role with respect to children, public access after-hours (shopping centre car park etc.) and how the development and its community can add to passive security and activation.

The design is integral to this outcome maximising CEPTD principles (overlooking of public spaces rather than the development turning its back and fencing itself in), however, Venture’s proactive management with both tenants internally and stakeholders externally is critical.

Venture believes the project openly embraces the development of community and integration.


BUILT FORM AND ARCHITECTURE

The architecture makes a statement about Affordable Housing – that is that Affordable Housing is not necessarily smaller living units to hit a price point, mass development on a site to achieve economies of scale, living on top of your neighbour to reduce land cost, accepting a lower quality of living environment because of lower incomes or presenting a development that is distinguished in the neighbourhood as ‘that housing group over there’. The Driver development distinguishes itself as truly Affordable Housing, but brought about by financial partnerships which enable the same quality and quantum of built form and architectural merit – regardless of means.

The reality is that Venture requires scale and grouping to achieve economies, however, the built form development of Driver aims to articulate a detached and activated streetscape and quality architectural statement.

The architecture is about embracing the tropical environment, elevating the built form, separating the mass, celebrating community within and achieving a 7.4 NatHERS rating.

The architecture embraces a modern contemporary look, style and feel with the use of a materials mix reflecting a leading edge design.

The built form reflects a solid base construction, resilient to the impact of the tropics.

Venture has been overwhelmed by comments from key stakeholders in respect of the return of the elevated building form as the most versatile outcome for the living environment in Darwin (recognising the majority market move to more traditional single storey project home type construction in most of the newer urban developments).

ENGINEERING

The Driver project is a fully flexible individual dwelling project, unit titled and engineered to be capable of independent ownership in the future should that outcome be pursued by Venture to respond to need in the community.

The development includes:-

1. Individual metering for all services (water, electricity etc.);

2. Enables future owners to include energy re-generation options (solar etc.);

3. Enable Venture to include solar options, over and above solar hot water, should a sponsor partnership be identified;

4. Low management common property;

5. Separate metering of the common area (to enable Venture’s management of water use on the common garden (and not used for play or car washing etc.) ;

6. Flexibility of use of the community produce garden area (if other forms of community activation are identified in the future).

The aim of the engineering structure is to future-proof the Driver site for Venture and its optimal use as a platform for affordable housing delivery through a variety of transitional tenure options which foster independence, capitalisation and growth of housing provision in NT in the future.

DRIVER MARKETING AND MARKET ACCEPTANCE

Market acceptance of the outcome is very high across residents, local council, existing local residents and others.

The Project was completed on 23 June 2015 and handed over on 03 July 2015. Following commissioning and tenancy installs (blinds, curtains, safety features), the property had been actively marketed to the public during the latter part of July 2015 and August 2015. By 01 September 2015, approximately 60% of the tenancies had been confirmed and Venture expects to finalise 100% occupancy was achieved by end-September 2015.

Whilst the market acceptance and demand has been generally overwhelming, the key issue for Venture is the eligibility of the proposed households (tenants) to comply with the NRAS Regulations to ensure that the housing best meets the genuine needs of those under housing stress in the greater Darwin area.

ENVIRONMENTAL

The primary environmental features included:-

1. An overall 7.4 Nationwide House Energy Rating Scheme rating;

2. The project’s embrace of the stormwater management and vegetation management interface with the adjoining open space (indeed, the re-establishment of degraded landscape adjoining the site on the reserve);

3. The protection of mature trees adjoining the rear of the site during construction and minimising the footprint of housing adjoining the open space areas;

4. Solar hot-water systems on all dwellings;

5. The community produce garden – aiming to provide an opportunity for tenants to watch, learn, try and participate in food generation – such that the practice may evolve to continue as a life habit (in their own homes in future years).

Four years with no home and now happy at Lorna Lim

“For about four years my partner & I have been applying for Rental properties for our little family & have had no luck, until we heard about Venture & we applied with them.

We were over the moon once we found out that we had been approved for our first rental home. Venture hasn’t just housed our family they have helped us out much more than they will know, we are very grateful & thankful to Venture for giving us our first start.”

Dylan Ormston and Nomiki Amorginou


LOCATION DISTRIBUTION AS AT 30 JUNE 2015

OVERVIEW OF VENTURE’S HOUSING PORTFOLIO

Venture Housing is being capitalised to circa $60 million by the Northern Territory Government and this capitalisation is expected to be finalised by the end of 2015.

Venture Housing participates in the Commonwealth’s National Rental Affordability Scheme.

Venture Housing’s asset base as at 30 June 2015 was circa $25,500,000 with the transfer and development of properties having proceeded as follows:

As at 30 June

Owned Under Development

Under Management

Total for Year

2012 0 0 0 0

2013 35 0 10 45

2014 44 0 10 54

2015 44 20 10 74

Venture has no debt on any of the transferred properties and the Northern Territory Government holds a registered interest on all the properties.

All of Venture’s properties are less than three years’ old and the majority are under one year.

0

10

20

30

40

50

60

70

80

Total for Year

Under Management

Under Development

Owned

2012 2013 2014 2015

2 bed unit managed

3 bed unit owned

2 bed unit owned

1 bed unit managed

2 bed house in development

1 bed unit owned

0

5

10

15

20

25

30

Quantity

PROPERTY GROWTH AS AT 30 JUNE 2015

PROPERTY MIX AS AT 30 JUNE 2015

2 bed unit managed

3 bed unit owned

2 bed unit owned

1 bed unit managed


1 bed unit owned

0

5

10

15

20

25

30

Quantity

2 bed unit managed

3 bed unit owned

2 bed unit owned

1 bed unit managed


1 bed unit owned

0

5

10

15

20

25

30

Quantity

0

10

20

30

40

50

60

70

80

Total for Year

Under Management

Under Development

Owned

2012 2013 2014 2015

Darwin - owned

Darwin - managed

Palmerston - owned

Palmerston - in development

LORNA LIM


NRAS CLIENTS AS AT 30 JUNE 2015

NRAS - INCOME SOURCE % of Tenants

Number of tenants

Wages/Salaries (Private Sector) 68% 30

Wages/Salaries (Public Sector) 16% 7

Wages/Salaries (Community Sector) 5% 2

Government Pensions and allowances 9% 4

Self Employed 0% 0

Superannuation or annuity 0% 0

Other Sources 2% 1

Total: 100% 44

NRAS - HOUSEHOLD COMPOSITION

Sole person 20% 9

Couple with Children 23% 10

Couple no children 11% 5

Sole parent 41% 18

Non-family households containing no related persons 5% 2

Total: 100% 44

NRAS - CULTURAL BACKGROUND

Anglo-Australian 32% 14

Aboriginal or Torres Strait Islander 23% 10

Culturally and Linguistically Diverse 45% 20

Total: 100% 44

NRAS - PRIOR TO ACCOMODATION REQUIREMENTS

Home Fully Owned 0% 0

Home Being Purchased 0% 0

Rented - State & Territory Housing Authority 5% 2

Rented - Real Estate Agents 43% 19

Supported Accommodation 5% 2

Living with Family or Friends 36% 16

Homeless 0% 0

Shelter 0% 0

Other 11% 5

Total: 100% 44

NRAS - COMMONWEALTH RENT ASSISTANCE RECIPIENTS

Tenants receiving CRA 48% 21

Tenants not receiving CRA 52% 23

Total: 100% 44

NRAS - DISABILITY PENION RECIPIENTS

Tenants receiving Disability Pension 18% 8

Tenants not receiving Disability Pension 82% 36

Total: 100% 44

VENTURE CLIENT PROFILES

Wages/Salaries (Private Sector)

Wages/Salaries (Public Sector)

Wages/Salaries (Community Sector)

Government Pensions and allowances

Other Sources76%

17%

3%

2% 2%

Sole person

Couple with Children

Couple no children

Sole parent

Non-family households containing no related persons

37%

23%

23%

5%

12%

Sole person

Couple with Children

Couple no children

Sole parent

Non-family households containing no related persons

37%

23%

23%

5%

12%

INCOME SOURCE - NRAS

HOUSEHOLD COMPOSITION - NRAS

CULTURAL BACKGROUND - NRAS

Enjoying life at Driver

Venture housing has been such a blessing for me. This is my first time renting a property. I have been living with family and friends in a shared accommodation all my life. But living here has been wonderful, it’s affordable, comfortable and it’s such a beautiful home. Thank you venture housing for opening up a new door, I am loving my new home :)

Mandy Garling

A Happy Senior

“ I have never been so happy before in my life, the day I received the phone call saying I was approved was magical, I love living here !”

Sawodah Hammat


STATISTICS – SENIORS: AS AT 30 JUNE 2015

SENIORS - INCOME SOURCE (10 tenants)

Wages/Salaries (Private Sector) 0%

Wages/Salaries (Public Sector) 0%

Wages/Salaries (Community Sector) 0%

Government Pensions and allowances only 60% 6

Government Pensions and allowances plus Superannuation or Annuity

40% 4

Self Employed 0%

Other Sources 0%

Total: 100% 10

SENIORS - HOUSEHOLD COMPOSITION % of Tenants

Number of tenants

Sole person 60% 6

Couple with Children 0%

Couple no children 40% 4

Sole parent 0%

Non-family households containing no related persons. 0%

100% 10

SENIORS - CULTURAL BACKGROUND

Anglo-Australian 90% 9

Aboriginal or Torres Strait Islander 10% 1

Culturally and Linguistically Diverse 0%

Total: 100% 10

SENIORS - COMMONWEALTH RENT ASSISTANCE RECIPIENTS

Tenants receiving CRA 100% 10

Tenants not receiving CRA 0%

Total: 100% 10

SENIORS - DISABILITY PENION RECIPIENTS

Tenants receiving Disability Pension 20% 2

Tenants not receiving Disability Pension 80% 8

Total: 100% 10

Superannuation or annuity

Government Pensions and allowances

Wages/Salaries (Private Sector)59%

23%

18%

Couple no Children

Sole Person

60%

40%

Aboriginal or Torres Strait Islander

Anglo-Australian

80%

20%

INCOME SOURCE - SENIORS

HOUSEHOLD COMPOSITION - SENIORS

CULTURAL BACKGROUND - SENIORS


As can be determined from the table below, only 9.38% of Venture Housing’s anticipated properties as at 01 January 2016 will one-bedroom units:

Type Quantity Percentage

1-Bed Unit 15 9.38%

2-Bed Unit 88 55.00%

3-Bed Unit 21 13.13%

2-Bed House 20 12.50%

3-Bed Townhouse 16 10.00%

Total Properties 160 100.00%

ANTICIPATED HOUSING PORTFOLIO AS AT 01 JANAURY 2016

Affordable Housing anticipated to be owned by Venture Housing as at 01 January 2016:

Locality Property TypeNo. of

Bedrooms QuantityProperty

TotalTotal

Owned

Darwin Parap Unit 1 9

Darwin Parap Unit 2 19

Darwin Parap Unit 3 7 35

Darwin Avis Unit 2 10 10

Darwin Nahla Unit 2 10 10

Palmerston Lorna Lim Unit 2 9 9

Palmerston Driver House 2 20 20

Palmerston Parks Unit 2 12 12

Palmerston Eco Gardens Townhouse 3 6 6

Palmerston Eco Waters Townhouse 3 10 10

Palmerston Tarakan Unit 1 6

Palmerston Tarakan Unit 2 28

Palmerston Tarakan Unit 3 14 48 160

Venture Housing’s anticipated dwelling distribution as at 01 January 2016 will be 34.38% in Parap, Darwin (55 units) and 65.63% in Palmerston (105 dwellings).

Palmerston

Darwin

Unit

House

Townhouse

ANTICIPATED HOUSING DISTRIBUTION AS AT 01 JANUARY 2016

ANTICIPATED HOUSING TYPE AS AT 01 JANUARY 2016

1 Bed Unit 2 Bed Unit 3 Bed Unit 2 Bed House 3 Bed Townhouse

0

20

40

60

80

100

ANTICIPATED HOUSING TYPE AND NUMBER OF BEDROOMS AS AT 01 JANUARY 2016

Unit

House

Townhouse

ANTICIPATED HOUSING TYPE MIX

ANTICIPATED PROPERTY MIX AS AT 01 JANUARY 2016

Hi Jillian,

Re: Venture Housing Development 10/69 Driver Ave Driver NT

Over the past week I have been dealing with a lovely girl, Naomi, over the phone. I am not used to efficient and friendly customer service in this day and age.

Naomi is a breath of fresh air. Great personality, professional attitude and I am yet to even meet her. I have recently worked as a book keeper for a real estate agent in Cairns for 7 years so I understand and witnessed how demanding being a Property Manager or Associate can be at times.

Can you thank Naomi for her outstanding customer service, there are not many people now a days who actually listen to what a client is asking then deliver the right information promptly.

Doug also had the pleasure of meeting Alana at the development and commented how impressed he was with her excellent customer service and great attitude.

Looking forward to our new rental through Venture and meeting your great team at Venture in the future.

Yours Truly Wendy Lennon

Hey Alana

Yeah I was calling about that as well as how the apartment look. I’m glad it looked great I didn’t want to disappoint you so I made sure it was beautiful.

I just wanna say a big thank you for everything and giving me a chance to rent with venture housing. I will definitely be applying again once I’m back on my feet.

Once again thank you and please thank Caitlin when she comes off leave :)

C

“I have nothing but good things to say about Venture housing, what they have done for my son and me has been the positive we needed in our lives, our new home is modern, spacious, clean, absolutely lovely and the ladies in the office a special thanks to Alana she has been so helpful and kind after having such a bad experience with a previous real estate she had nothing but good news with a smile, Thank you!”

Regards Charlene


TENANT FEEDBACK

As at 01 January 2016, 77.5% (or 124 properties) owned by Venture and 10 units managed by Venture fall under a Body Corporate. As such, all external maintenance is carried out through the Body Corporate Committee and paid for out of its levies.

Anticipated Body Corporate Governance of Venture Properties as at 01 January 2016

Body Corporate Properties 124 77.5%

Non-Body Corporate Properties 36 22.5%

Total properties 160 100%

ANTICIPATED BODY CORPORATE COMPOSITION AS AT 01 JANUARY 2016

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

0

20

40

60

80

100

120

140

Body Corporate Properties Non-Body Corporate Properties

Series 1 Series 2

PARAP


The 2015-2018 Strategic Plan is the second iteration of Venture’s evolution and replaces the previous Strategic Plan which fundamentally addressed the Establishment Period of Venture. This Strategic Plan is the expression of Venture’s strategic priorities on the basis it is fully capitalised (expected by the end of 2015).

KEY STRATEGIC PRIORITIES

1. The Growth of Venture’s Affordable Housing Portfolio in the Northern Territory

Key Strategic Objectives include:-

• Specific needs across the Northern Territory (where sustainable)

• Partnership leveraged development

• Long-term rental housing across the housing continuum

• Pathways to home ownership

2. Partnering with Key Stakeholders


• Delivering solutions to the NT Government’s housing objectives and strategies

• Partnering with other not-for-profit organisations (service provider networks)

• Partnering with business, community and others

3. Developing a Diversified Business Model


• Added value Fee-for-Service activities (aligned to core business)

• Innovative commercial partnerships which add value

4. Building the Capacity of the Organisation


• Robust Strategic Asset Management Plan and Strategy to maximise and protect Venture’s assets and which addresses and builds capacity

• Strong governance, risk management and compliance platform

• Robust administration capacity (staff, systems and compliance)

• Pursuit of Tier 1 registration with the National Regulatory Framework, as it applies in the Northern Territory

• Leadership, innovation and advocacy in housing models and policy

VENTURE HOUSING’S KEY STRATEGIC PRIORITIES AND OBJECTIVES 2015 - 2018

TENANT PARTICIPATION, CONSULTATION AND FEEDBACK

Venture Housing is committed to encouraging a culture of mutual respect between its staff, tenants and the local community. Tenant participation and consultation can bring benefits which range from empowering individuals to improved service delivery through to stabilizing, sustaining and revitalising communities. Gauging tenant satisfaction levels is considered central to Venture’s success.

Before tenants can decide how they wish to be involved, they require good quality information which is accurate, up-to-date and easily understood. Venture Housing provides:

• A clear and concise Tenancy Agreement

• Leaflets and Guides on aspects of their Tenancy (e.g. Being a Good Neighbour; Cyclone Preparedness)

• Leaflets and Guides on services provided by other organisations

• Venture Housing’s website

• Venture Housing’s Annual Report

• Individual letters related to a range of service issues

• Home visits to discuss services or matters related to individual tenancies

Venture Housing maintains a comprehensive register of individual tenants in their REST system and notes specific tenant interest areas for future consultation.

Venture Housing is developing a comprehensive framework for tenant consultation and feedback, including a schedule of tenant and community surveys which incorporate specific questions on maintenance and suitability of housing to meet people’s needs.

A survey for all new tenants moving into newly constructed homes is being developed to support the 12-monthly reviews of all housing stock. The Community Engagement and Participation Framework will support continued work in this area and assist Venture to ensure the provision of an appropriate and responsive service.

Venture Housing appreciates that there will always be occasions when Venture will be unable to meet everyone’s aspirations. Venture’s aim is to reach a consensus with reasonableness at the core of its decisions.

VALUED PARTNERSVenture Housing operates an inclusive multi-provider partnership model with a range of organisations across the disciplines of land provision, construction, project delivery, social/community development, project management and maintenance. In awarding contracts, Venture Housing conducts a selective tendering process with best-suited providers and through a Preferred Contractor Panel.

Venture Housing’s key stakeholders in 2014-2015 included the NT Government’s Department of Housing; Department of Lands, Planning and the Environment; Department of Correctional Services; Department of Treasury and Finance; and Department of the Chief Minister; the Palmerston City Council; NT Police, Fire and Emergency Services.

Venture has valued partnerships with the Halikos Constructions, Coffey, SMEC and the key sub-contractors who built its 69 Driver Avenue, Driver development.

Venture is a member of:

• PowerHousing

• NT Shelter

• Community Housing Industry Association

• Urban Development Institute of Australia NT

• Palmerston Regional Business Association

• NT Chamber of Commerce

Venture also regularly engages with tenants to foster the development of stronger, healthier communities.

Venture Housing Company Ltd

Level 1 Centrepoint Business Centre, Paspalis Centre

48-50 Smith Street Mall, Darwin NT 0800

GPO Box 3204, Darwin NT 0801

P (08) 8981 9804

www.venturehousing.org.au ABN 19 154 969 963

annual report 2014/2015 - venture housing

Documents