We’re excited to announce that we’ve won an award at the 2015 Australian Social Enterprise Awards. We were collectively recognised for our pioneering work in the Impact Investment category, and specifically for our work to innovatively fund the development of Cromwell Manor, our new flagship site.
The award was to STREAT, Social Ventures Australia (SVA), the National Australia Bank (NAB), and philanthropy. Here's the wording....
'STREAT is a Melbourne-based social enterprise that provides homeless and disadvantaged young people aged 16-25 with a supported pathway into the hospitality industry. In 2016, STREAT will embark on the flagship redevelopment of the Cromwell Manor site in Collingwood, which will enable STREAT to scale its operations to be fully self-sustaining and be able to assist 250 young people per year into work.
The project has been structured to leverage many sources of capital for STREAT, including $2.5m for property purchase (the site was purchased for STREAT and its use gifted to the organisation for 50 years), $1.6m in local and international donation grant capital, and $2.5m in loan capital from NAB and SVA. The project also ultimately represents the opportunity for the debt to be bought out by impact investors once the construction is completed.'
Major philanthropic and pro bono supporters
We’d like to pay tribute to the project's major philanthropic supporters who have made this project possible:
- Geoff Harris - the man who catalysed the whole project by purchasing Cromwell Manor for STREAT
- Deyrick Upton, CEO of Breadsolutions, the project's bakery partner
- Ian Potter Foundation
- The TK Foundation
- Westpac Foundation
- Fidelity Foundation
- Helen Macpherson Smith Trust
- Jack & Ethel Goldin Foundation
- Greenlight Foundation
We'd also like to acknowledge that this deal would not have been possible without:
- Paul Steele, CEO of the Donkey Wheel Foundation & Co-founder of The Difference Incubator (our tireless advisor and deal broker throughout the process)
- Six Degrees architects
- McCorkell Constructions
- DLA Piper (legals)
- Crowe Horwarth (independent review)
Along with a whole host of others!
The case study (Download here)
In undertaking this project together, NAB, SVA and ourselves all shared a commitment to build the knowledge of the social enterprise sector.
For this reason we have case studied this project, just as we did the last one. We hope it provides vital knowledge to make future deals in the sector a little easier.
Finally, we’d also like to acknowledge the amazing work being undertaken by the finalists and winners in all award categories. These peers remain an ongoing inspiration to us! You can read about them at Social Traders website.