Exhibition Street Tower Achieves Sustainability First
The Green Perspective | Sustainable Buildings
Invesco Real Estate (IRE), a global real estate investment manager, has collaborated with CBRE, a global leader in real estate services, to improve the NABERS rating of one of Melbourne’s premier office towers into what is now the first 6 Star NABERS rated retrofitted building in Victoria.
IRE engaged CBRE, Ausnviro and AG Coombs to improve the environmental performance of 321 Exhibition Street – a 20-storey A-Grade tower comprising 30,200 sqm of office space.
The coveted rating represents the highest sustainability ranking in Australia, reserved for market leading energy efficient buildings. As the first 25+ year-old retrofitted building to achieve the maximum NABERS performance in Australia, this is arguably the most important 6 star NABERS result to date. This achievement sets the bar of environmental performance for all existing commercial office building stock in Australia.
Ian Schilling, Managing Director, Head of Core Funds and Private Accounts in Asia Pacific at IRE commented on the project: “We continue to improve the quality of the assets in our portfolio while sustainability has become one of the key attributes of core real estate. We’re proud to be at the forefront in managing sustainable buildings.
“Our platform’s pan-Asian core strategy was named as the Regional Sector Leader in the ’Private/ Asia/ Office’ category in 2015 and 2016 by Global Real Estate Sustainability Benchmark (GRESB).”
Previously holding a NABERS rating of 2.5 Stars, the property has undergone significant capital improvements over the past seven years as part of the project to position it among the top 2% of leading energy efficient buildings in Victoria.
Over the past two years, IRE and CBRE developed and implemented a NABERS pathway strategy to attain the highest possible NABERS rating.
CBRE Sustainability Director, Pacific, Emma McMahon said the project highlighted the growing importance of sustainability in real estate.
“This project is testament to the increasing focus on environmental performance in real estate and the achievements that both new and existing buildings can make in this area,” Ms McMahon said.
“To be the first retrofitted building to achieve a 6 Star NABERS rating in Victoria is a major achievement and will help pave the way for greater environmental focus in the commercial real estate sector.”
Sze-Ann Ong, Head of Asset Management in Asia Pacific at IRE said: “We’re delighted to work with CBRE to improve the environmental performance of Exhibition Street tower. The demand from investors and tenants for high quality commercial properties with greater focus on buildings with high sustainability rating has increased significantly over the past few years.”
Built in 1991, the building is positioned in one of Melbourne’s most popular CBD precincts at a main gateway to the CBD from the north. The site also enjoys uninterrupted views overlooking Carlton Gardens.
The property, which is fully leased to Origin Energy, also boasts a Green Star rating.
Ms McMahon said the property’s new green credentials were testament to the commitment of key stakeholders to unify around environmental performance.
“Not only was IRE supportive of helping achieve this industry first rating for a retrofitted building, but Origin Energy played a fundamental role in the project by supporting the extensive upgrades, which also aided its own environmental footprint,” Ms McMahon explained.
The upgrades included modern HVAC, lighting and control systems; LED lighting; sub-metering of all substantive building uses; trigeneration heating and cooling systems; water efficient fixtures and fittings; end of trip facilities, basement recycling and glass façade to maximise daylight harvesting objectives.
