From 3 star to 5.5 star NABERS Rating
Centuria’s proactive asset management delivers sustainable office workplaces
Throughout a five year period of proactive asset management, Centuria Capital has greatly improved the sustainability of its office building located at 1 Richmond Road, Keswick, South Australia with the property’s NABERS Energy rating rocketing from 3.0 stars to 5.5 stars1.
The building is owned by Centuria Office REIT (ASX:COF), Australia’s largest listed pure-play office fund. It is managed by Centuria’s property services team.
NABERS is a national rating system that measures the environmental performance of Australian buildings and tenancies, with particular regard to energy efficiencies, water usage, waste management and indoor environment quality.
The Keswick property was built in 1985 and comprises four levels totalling more than 8,000sqm.
The office building underwent major works to improve energy efficiencies, which has significantly lowered its carbon emissions. Initiatives that helped transform the office building’s sustainability include a boiler upgrade, chiller plant replacement, LED lighting upgrade, solar panel installation and Air Handling Unit (AHU) plant refurbishment.
Subsequently, between June 2016 to June 2021, the building’s capital value appreciated by 47% to $39.2 million2.
Jason Huljich, Centuria Joint CEO, commented, “The Richmond Road office building is exemplary of Centuria’s asset management capabilities to drive and deliver solid value not only to our investors but our customer tenants and the wider community. We understand a sustainable journey doesn’t happen overnight, but we are dedicated to creating sustainable work environments.”
Jacques Duvenage, Centuria National Facilities Manager, added, “Centuria is committed to energy reductions, and more specifically, identifying properties across the Group’s portfolio that have the potential to deliver greater energy efficiencies through upgrade works or improved management practices. This transformation not only improves the sustainability of the properties but can also reduce utility expenditure and, potentially, increase capital values.”
Centuria’s property services team also has its sights on achieving a 6.0 star NABERS Energy rating for the property in the near future with an upgrade of the building’s lift system set to be complete by mid-2022.
- Measured between the periods of 16 July 2015 to 15 July 2016 and 1 June 2020 to 31 May 2021
- Building’s value was $26.7 million as at 30 June 2016