ADIA Purchases New Office Space
25th Jul 16
ADIA has purchased new and substantially larger office space in Sydney, a move that provides member businesses with free access to meeting rooms just minutes from the airport.
Key Issues For Consideration —
To support the ongoing growth of the Australian Dental Industry Association (ADIA), over the course of the past six months the ADIA Board has reviewed the long-term office accommodation needs. This has resulted in the sale of the existing building and the purchase of new office space in close proximity to the Sydney central business district and airport.
The ADIA national office is currently located in a five-level commercial building that is at the heart of the Green Square residential development precinct. Following a protracted series of multi-party negotiations, the entire building was sold for an amount considerably more than the current carrying value on the balance sheet, owing to the fact that the entire building was placed on the market. The sale followed an extensive review by the ADIA Board – Audit and finance subcommittee to satisfy all Directors that this price, achieved as a result of the entire building being on the market, provided a return not achievable in other circumstances.
The sale was dependent upon ADIA being able to find suitable long-term accommodation and new office accommodation was found in Alexandria, in close proximity to both the Sydney central business district and Sydney airport. The light-filled office space is approximately twice the size of ADIA's national office accommodation and not only provides staff with a great work environment, delivers benefits for members businesses.
Benefits for members from the new building —
||Member use of a light-filled multi purpose room suitable for meetings, training courses and social functions; and
||Member use of a discreet meeting lounge
These facilities will be available to members without charge and can be accessed after-hours if required by member businesses. The new building has very good off-street parking, is within walking distance of a railway station and is only a few minutes away from Sydney airport.
In considering the needs of ADIA and its members, the Directors took all considerations into account including location, building size and accessibility through to the option of leasing or purchase. In the end, purchased was the preferred option with ADIA purchasing the new building without requiring finance and the ADIA Board has thanked staff for the successful conduct of the negotiations to sell the existing building and purchase of the new office space.
ADIA will relocate to the new premises in mid-November 2016.
Currency of Information —
This update was issued on 25 July 2016 and please note that changes in circumstances after the publication of material or information may impact upon its accuracy and also change regulatory compliance obligations.
The statements, regulatory and technical information contained herein are believed to be accurate and are provided for information purposes only. Readers are responsible for assessing its relevance and verifying the accuracy of the content. To the fullest extent permitted by law, ADIA will not be liable for any loss, damage, cost or expense incurred in relation to or arising as a result of relying on the information presented here.
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