This article is from the Australian Property Journal archive
AN environmental report reveals that ISPT’s decision to reposition 500 Bourke Street in the Melbourne CBD, rather than tearing it down will save 57,000 tonnes of carbon dioxide.
The commercial asset, 500 Bourke, is set to become one of the investor and developer’s most sustainable commitments in its portfolio.
The ISPT commissioned report by international engineering company Aurecon, revealing the decision to reposition the existing asset would save the equivalent carbon emitted by nearly 9,000 cars on the road each year, or the equivalent to the annual carbon output of 2,400 typical Australian homes.
“This is a once-in-a-generation opportunity to deliver a top-to-bottom transformation of an iconic Melbourne tower and lead ISPT towards net zero carbon emissions,” said Nicole Ward, general manager of commercial services at ISPT.
With the base building set to operate from 100% renewable energy and able to be carbon neutral from the get-go, from construction and in operation from its 2023 completion.
The base building will also target a 6-star Green Star and 5.5 Star NABERS energy rating.
Crucially, the strategy to use the existing building and its more than 40-year history, will also the protection and renewal of much of the energy and resources already embedded into the property.
“We, as developers and custodians of the cities in which we live, have a responsibility to take a more environmentally conscious approach to the way we do business,” added Ward.
This is in line with a recent JLL report which argued that “retrofitting a city’s existing building stock to net-zero carbon is central to decarbonizing a city’s economy.”
The report referred to the knocking down of an older existing build in place of a new one, even when greener is a “net net” and does more bad than good when compared to working with existing stock, adding that “the greenest building is the one that’s already built.”
Building on ISPT commitment to sustainability, 500 Bourke follows the investor and developers’ Sustainable Furniture Scheme with Sustainable Office Solutions, which aims to rehome more than 15,000 pieces of office furniture and 42,000 sqm of ceiling tiles left behind.
With the sales from this scheme enabling ISPT to donate $200,000 to The Property Industry Foundation’s Furniture Fund to build a home for displaced youth in Shepparton, Victoria.
The project will be delivered by Sydney-based Roberts Co following the collapse of Probuild in February this year.
500 Bourke is now leasing and with construction currently underway, the project is scheduled for a mid-2023 completion, with anchor tenant-TAL moving in at he end of the year.
“By repositioning, rather than demolishing 500 Bourke, we are reaffirming to all of our partners, tenants and investors alike, that our commitment to our ESG principles is a driving force behind every decision we make,” concluded Ward.
