03 Nov 2020
AUSTRALIA – Plenary is expanding its investment, development and management focus to local community infrastructure via the establishment of a wholly owned subsidiary, Pariter.
Pariter will partner with community associations, organisations and clubs across Australia to improve facilities and deliver sustainable developments that unlock value that can be reinvested back into core facilities.
Plenary Chief Executive David Lamming said the nature of community assets and clubs means that, in trying to remain accessible to members, organisations don’t always cover the true long-term costs of operating.
“Like all public infrastructure, community infrastructure needs continual investment, and we think there is an opportunity for private capital to play a constructive role in helping community clubs stay financially viable,” Mr Lamming said.
“Pariter provides Plenary with the opportunity to be engaged across the whole infrastructure spectrum, and to invest in improving local community infrastructure on top of our public infrastructure portfolio.”
Pariter CEO John Innes said Pariter’s first project, Heathcote Grounds in the Sutherland Shire in Sydney’s south, involves the restoration of the heritage-listed Heathcote Hall (pictured) and the development of quality, low-rise townhouses and apartments following an extensive design development process.
“We’re ensuring the heritage value of the existing building is maintained while breathing new life into the iconic site to help make it one of The Shire’s most liveable neighbourhoods,” Mr Innes said.
Mr Innes said Pariter has assembled an experienced team with strong existing relationships with a variety of clubs and several potential opportunities on which to collaborate.
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