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Arc in 2012
Arc in 2012
When Arc was first established in 2007, UNSW provided the
organisation with retail spaces at heavily subsidised rental rates
in order to provide a source of revenue for Arc to continue its
existence. In mid-2011, UNSW reviewed retail services on campus
with the ultimate objective to attract retail outlets with a
capacity to pay commercial rent to the University in exchange for
retail space. At this time, UNSW approached Arc with an offer to
effectively "buy back" the leases we hold over those premises as
well as any subtenancies we collect rent for on campus. Over the
course of the year, Arc and UNSW entered into negotiations to
discuss the offer in detail and the implications for
students.
After entering into negotiations with UNSW over the course of the
year, the Board discussed this proposal in depth and unanimously
resolved to accept UNSW's offer of $11 million to hand back our
retail outlets and cease collecting rent from sub-tenants on campus
from Semester 2, 2012. The Board decided that it was in Arc's best
interests to accept the offer so that we could focus on creating
the best student experience in areas of student support, student
engagement and student development, as well as to secure our
financial future until 2021. The proceeds of the sale will fund
UNSW student life for over 10 years.
While this is one of the biggest decisions that the Arc Board has
made since its inception, we are excited about the new
opportunities that the sale of the retail outlets will bring in
enhancing the student experience on campus and investing in new Arc
programs and support services.
Please feel free to contact me with any questions you may have at
chair@arc.unsw.edu.au
Natalie Karam
Chair of the Board
When Arc was first established in 2007, UNSW provided the organisation with retail spaces at heavily subsidised rental rates in order to provide a source of revenue for Arc to continue its existence. In mid-2011, UNSW reviewed retail services on campus with the ultimate objective to attract retail outlets with a capacity to pay commercial rent to the University in exchange for retail space. At this time, UNSW approached Arc with an offer to effectively "buy back" the leases we hold over those premises as well as any subtenancies we collect rent for on campus. Over the course of the year, Arc and UNSW entered into negotiations to discuss the offer in detail and the implications for students.
After entering into negotiations with UNSW over the course of the year, the Board discussed this proposal in depth and unanimously resolved to accept UNSW's offer of $11 million to hand back our retail outlets and cease collecting rent from sub-tenants on campus from Semester 2, 2012. The Board decided that it was in Arc's best interests to accept the offer so that we could focus on creating the best student experience in areas of student support, student engagement and student development, as well as to secure our financial future until 2021. The proceeds of the sale will fund UNSW student life for over 10 years.
While this is one of the biggest decisions that the Arc Board has made since its inception, we are excited about the new opportunities that the sale of the retail outlets will bring in enhancing the student experience on campus and investing in new Arc programs and support services.
Please feel free to contact me with any questions you may have at chair@arc.unsw.edu.au
Natalie Karam
Chair of the Board
