As part of Australian Unity Investments’ (AUI) ongoing strategy to improve the environmental efficiency of its properties, its Property Income Fund (PIF) has been awarded a $500,000 government grant from AusIndustry’s Green Building Fund to assist with improvements at its Allara Street office property in Canberra.
The Green Building Fund assists commercial office building owners achieve a reduction in green house gas emissions by providing grants for works aimed at reducing the energy consumed in the operation of the buildings.
Mr Peter Lambden, portfolio manager of the PIF, said that AUI has an ongoing strategy to improve the ‘green credentials’ of its buildings.
“We had already started refurbishing the Allara Street building to improve its energy efficiency when applications for Round 5 of the Green Building Fund opened.
“We developed a detailed submission outlining the work we were already undertaking, and clearly demonstrated how the works would reduce the level of greenhouse gas emissions.
“The grant helped us achieve our goal of undertaking a high-quality refurbishment of an office building constructed in the 1970s in order to reduce greenhouse gas emissions by half.
“While basic energy savings could have been achieved by a routine refurbishment which would have been easier and faster, we focused on installing high efficiency equipment with the best design where possible. This will result in a high level of energy savings and significantly reduce the future impact of the building on the environment.
“For example, new ducted air-conditioning systems were fitted on all floors. These systems provide low-temperature variable air volume which means less energy will be used as they do not have to heat to a high temperature.
“Two new water cooled chillers and two new natural gas fired boilers were also installed as well as carbon dioxide sensing for ventilation control and a new building monitoring system,” he said.
Mr Lambden said that the quality of the refurbished building will help to maintain and secure high quality tenants.
“The refurbishment takes this property from a ‘B’ grade to an ‘A’ grade building* making it particularly attractive to tenants, including government departments. These tenants generally prefer long term leases, and this benefits investors in the fund by providing a steady and reliable income stream as well as helping to improve the capital value of their investment,” Mr Lambden said.
Australian Unity Investments is the funds management arm of financial services, health and retirement living services provider Australian Unity. It has $10.2 billion in funds under management (as at 30 June 2010). Its investment approach is to use its established in-house expertise in property and mortgages while also forming joint ventures and strategic alliances with other organisations with specialist expertise.
* based on the Property Council of Australia / IPD indices definition
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For further information please contact:
Peter Lambden
Email: plambden@australianunity.com.au
19/07/2010
