This article is from the Australian Property Journal archive
WITH the federal government backing small and medium businesses, Raine & Horne Commercial are ready to take off in Canberra.
Raine & Horne Commercial Canberra is being established by Mark and Hayley Nicholls just in time to capitalise on the new government’s move to boost the city’s commercial property market with amendments to procurement rules for SMEs.
“This announcement will open the door to more government business for Canberra-based SMEs, enabling them to employ more workers and expand their commercial operations,” said Mark Nicholls.
As announced at the start of last month, revisions to the Commonwealth Procurement Rules (CPRs) will see SMEs better able to benefit from government spending contracts, which annually amount to around $70 million, allowing smaller businesses to apply for the contracts.
“Throw in the fact that there is no stamp duty on commercial properties valued under $1.6 million, along with Canberra’s reputation as an investment haven due to the dominant role of government tenants, the outlook for the market and our new business couldn’t be better,” he added.
The new CPRs will now require that 20% of procurements by value are sourced from SMEs, up from the previous target of 10%.
The CPRs will also now encourage entities to approach multiple suppliers, when procuring from a panel arrangement, in an attempted to improve competition and drive better value for money outcomes.
“The caveat is that commercial stock is in short supply across most sectors, and more national brands who service government agencies are moving to the capital. These businesses will further drive demand for commercial space,” said Mark Nicholls, who urged for the government to unlock more Canberra land for commercial developments.
Raine & Horne Commercial Canberra is a full-service commercial real estate agency, working across development sites and the industrial, office and retail sectors.
Located Level 3, Suite 22, 490 Northbourne Avenue in the precinct of Dickson, the agency will service the entire ACT and surrounding regions.
