Workmens Homes Incorporated
P P R O P R I A T E H O U S I N G
The variety and location of dwelling units owned by Adelaide Workmens
Homes has responded to changing demographics and market requirements.
The preponderance of near city homes equates not only to the requirements
of the original Trust Deed, but also to the need for workers to be in
ready proximity to employment.
I F F E R E N T S T Y L E S
Today, Adelaide Workmens Homes owns property and / or houses at
Richmond, Mile End and Norwood. Stock includes:
bedroom units for the aged
constructed during the 1930s, 1940s, 1950s, 1960s
medium density two and three storey three bedroom homes
As the demographics
of tenants have changed, so too has the stock diversity
homes to easy to manage retirement units.
C A R I N G A T T I T U D E
The essence of Sir Thomas Elders generous bequest was a caring attitude.
The Trust Deed in part ensured that this would endure, but it has been
the sensitive interpretation by Trustees over almost a hundred years that
has dictated the culture of Adelaide Workmens Homes.
Adelaide Workmens Homes can be a home for life or a stepping
stone to home ownership. Rentals are set between market value and public
housing to provide only a moderate return on investment.
Trustees have assumed the mantle of a caring landlord, and have endeavoured
to provide appropriate housing for all ages and stages of life.
R U S T E E S
The executors of Sir Thomas Elders estate established an inaugural
committee comprising six Trustees who drafted a deed of Trust, the basic
terms of which provide the current operating parameters. A private act
of Parliament in 1933 and again in 1966 ensured that the Trust Deed was
appropriate to modern day development and business practices.
It is interesting to note that the original Trustees determined that "every
Trustees shall reside in, near or conveniently accessible to Adelaide".
Whether or not this was an attempt to ensure that the Board was able to
maintain a watchful eye over its investments is uncertain. Of certainty,
however, is that its Adelaide base has been maintained and that current
direction is for Adelaide Workmens Homes expansion to be
limited to the current confines of the Trust Deed.
A N A G E M E N T
The day-to-day management and administration of the Adelaide Workmens
Home Inc, together with the book-keeping and accounting functions,
are conducted by Mr Grant Stephens from MJS Management Services Pty Ltd.
Management functions include rental, maintenance and portfolio review.
V E S T M E N T S T R A T E G Y
The 1898 Deed of Trust basically empowered Trustees with responsibility
for the development of investment strategies. Implied, however, was that
these strategies would be implemented with proper regard to the objectives
of the Trust, and balanced by astute financial management. It was intended
that investment decisions would increase the long term benefit of the
Today, the portfolio is valued at approximately $35 million. Capital
reserves have been utilized to improve and extend the stock holding. Portfolio
reviews are conducted on a regular basis to ensure best use of resources.
Adelaide Workmens Homes Incorporated operates as owner, investor,
landlord and developer.
Workmens Homes Incorporated
169 Fullarton Road, Dulwich SA 5065| PO Box 377, KentTown, SA 5071
Telephone: (08) 8133 5097| Facsimile: (08) 8431 3502
Design - Redbax