A holistic approach to commercial property
Nova Properties owns 24 property owning subsidiaries. One of the subsidiaries is Geo Sphere Developments Pty Ltd, which in turn owns 4 property owning subsidiaries.
In addition, Nova Properties owns Enzi Construction Pty Ltd, its own in-house construction company.
In the commercial property space, Nova Properties aims to consistently rejuvenate and maintain its portfolio of assets in order to attract a tenant mix that is both relevant for the location and long-lived, in order to create stable, yet outstanding consumer experiences for the communities that are served by them. This is enabled by its strong, experienced management team and superior in-house accounting, finance, tax and legal, stakeholder administration and communication and contracted property management and leasing resources.
These support functions stem from the company Frontier Accounting and Secretarial Services Pty Ltd (Frontier) which is 100% owned by Nova Properties, and is staffed by highly skilled and experienced professionals.
This support company works seamlessly to unpack the value inherent in the Group’s portfolio. Keeping these skills in-house enables significant cost reductions, particularly in the administration and management spaces, which sets Nova Properties apart from other players.
Frontier provides in-house accounting, finance, tax, company secretarial and stakeholder administration and communication services.
External contracted service providers in turn provide comprehensive property management services, which include, but are not limited to, the management and control of income, expenses, arrears, vacancies, facilities management, soft services, property maintenance and financial management. Supplementary services include broking (leasing and sales) and project management (new developments, redevelopments and refurbishments).
Broadly speaking, these service providers focus on reducing tenant vacancies to maximise capital growth for Nova Properties. Under-performing tenants are actively reduced, while each property’s tenant mix is analysed to optimise trading density and growth. Indicators like ‘spend-per-head’ and ‘feet through the door’ are monitored as reflections of trading density, which shows year-on-year improvement across the portfolio.
Working cohesively these in-house and external service providers resources, combined with management and industry expertise at Group level, facilitate and enable upfront planning of asset redevelopment. This long-term planning, as an enabler for reducing tenant vacancies by enhancing the value proposition and reducing the impact of redevelopment, contributes directly to the Group’s bottom-line.
Nova Properties’ focus on ongoing redevelopment and property enhancements also contribute to addressing vacancies by virtue of the process being fast-tracked from the planning stage, to bringing funding partners on board, to leveraging long-term relationships with professionals, such as architects, engineers and quantity surveyors, right through to engaging with development and construction partners.