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Renovating a Legacy: the Miller Estate Teresa Zolnierkiewicz, head of philanthropy ANZ Global Wealth and Private Banking July 2013.

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Presentation on theme: "Renovating a Legacy: the Miller Estate Teresa Zolnierkiewicz, head of philanthropy ANZ Global Wealth and Private Banking July 2013."— Presentation transcript:

1 Renovating a Legacy: the Miller Estate Teresa Zolnierkiewicz, head of philanthropy ANZ Global Wealth and Private Banking July 2013

2 2 Governance structure – ANZ Trustees

3 3 Outline of this case study

4 4 1914: the genesis of social investment

5 – 2007: the Alexander Miller Estate – doing good How the Estate operated: Held and purchased a Victorian regional property portfolio - by 2007 held a significant property portfolio of around $20m Directly rented these properties as affordable housing for disadvantaged people – regional, elderly poor By 2000 it had 17 property sites & 173 residents Housing units dated mostly from 1920s-1930s Some funds (<$10m) were held in an equities portfolio to generate additional income Essential maintenance was barely covered by rents – supplemented by income Upgrades and capital works were not covered in this model - could be sought by applying for grants – however, this was problematic

6 – 2007: the Alexander Miller Estate – doing good Pressure for change: Model was not sustainable Trustees were in effect running an operating charity on a short term time horizon – not a core skill set of any the 3 trustees The changing needs of the residents demanded a different solution – one that was consistent with Miller’s vision There were risks in the changing nature of residents – putting pressure on the model

7 7 2007: the Miller Estate – the process of creating change

8 : dependencies - qualities needed to make change work Estate Trustees: Chairman: Ross Scholes-Robertson ANZ Trustees Gary Miller Miller Residents: 174 Residents 12 Volunteers 17 Sites ANZ Trustees: Senior Legal Counsel Company Rep’ve Head of Philanthropy Investment Mgrs Philanthropy Manager Board of Directors Middle Office Back Office Govt/Other: Housing Consultant Tender Process Solicitors Office of Housing Attorney-General Supreme Court RHA – Wintringham CEO Project Mgr Architect Board of Directors Environment: External deadlines Property market movements Nation Building & opportunities

9 newly constructed homes

10 : the Miller Estate – the transformation THEN 17 sites 173 residents Vacancies Adequate homes from 1920s/1930s in need of upgrades Local volunteers provide some monitoring Rudimentary gardens and landscaping Trustees as landlords NOW 12 sites (5 sold or in process) 160 residents No vacancies Brand new purpose built or significantly renovated Wintringham provides supervision and care with potential to transition Outdoor spaces developed including on some sites men’s sheds, other communal spaces such as bbqs, lake, all new homes with personal veranda/balcony Trustees governing the operations of the Estate/oversee Wintringham as leasee Trustees monitor impact and continue to consider potential for future developments and or property sales/investments

11 : Miller Homes - the change New construction [completed]Renovation [completed] Shepparton - Nation Bldg: construction 36 units on existing land. [August 2011] Geelong (Belmont) - State Govt: renovation 12 units. [Dec 2011] Ballarat-State - State Govt: construction 14 units [Aug 2011] Maryborough - State Govt: renovation 12 units on existing site. [Aug 2011] Geelong (Manifold Heights)-Nation Bldg: construction 14 units (6 being addn’l build) on existing site. [July 2011] Euroa - State Govt: extensive renovation 8 units on existing site. [Oct 2011] Castlemaine -State Govt construction 9 units on existing site. [Jan 2012] St Arnaud - State Govt: renovation 6 units & construction 5 new on existing site. [August 2011] Geelong (Highton) - Nation Building: construction 34 units on land specifically purchased by Miller Estate [Aug 2011] Benalla - State Govt construction 109 units on existing site. [Mar 2012] Total government investment: $33million

12 12 A replicable model Registered Housing Agency provides tenancy & property management & project management services Community Land Trust provides legal structure takes liability & responsibility Finance institution Building/construction Donors of land or funds Tenants MODEL 2: Community Land Trust (UK) Registered Housing Agency provides tenancy & property management & project management services Charitable Trust provides legal structure takes liability & responsibility Gov’t Funding Building/construction Private Donor Tenants MODEL 1: Miller Estate (Aust)

13 13 A replicable model GOVERNANCE/ TRUSTEESHIP INVESTMENTS GRANTING IMPACT GOVERNANCE/ TRUSTEESHIP IMPACT TRADITIONAL REALISED POTENTIAL ASSETS

14 14 What worked well and what did not Most of the people who started the change, ‘finished’ the change Expert advice from relevant parties, eg. ANZ Trustees legal counsel, smooths the way The complexity of the task was not totally understood at the outset A new model means there are some questions no-one can currently answer easily, eg. property valuation Different parties frequently had different sense of urgency in the process (perpetuity vs now)

15 15 Lessons Every change takes courage, a leap of faith, and a champion Focus on what you are good at, and get expert help for the rest Managing and deepening relationships is vital and is everyone’s responsibility Relationships will change through the course of the process Share all the responsibilities – everyone with a stake has an important contribution to the process You cannot estimate when you will finish the change, and it always takes longer than you expect – this took since 2007 and not complete There will always be roadblocks. If things get tough you need to focus on the objective Trust between parties is important

16 16 Alexander Miller Estate: Questions

17 17 Contact Details For further information about ANZ Trustees, please refer to the following: ANZ Website links: What do we do? Philanthropy Investment Management management/ Granting Contact details: ANZ Trustees direct line: Nicole Smith, Senior Business Development Manager, Victoria e t (03) 8654


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