Investa and Built have teamed up to tackle adaptive reuse of ageing office buildings in CBDs.
Sustainable Adaptive Reuse is a partnership that will repurpose existing secondary assets into sustainable A-grade commercial office buildings.
Each development will target reductions in embodied carbon to the tune of 40 per cent and target minimum 5-Star NABERS weighted average rating for the portfolio, as well as Green Star and WELL building ratings. The pair also aims for its buildings to be Scope 1 and Scope 2 net zero.
Built has experience in heritage adaptations through its Sub Station No. 164 in which two disused industrial buildings were fused and extended to create a 6-Star Green Star office tower with a 23 per cent reduction in embodied carbon compared to a conventional build.
It is also planning to redevelop Younghusband, one of Melbourne’s largest heritage sites, into a mixed-use precinct.
Investa chief executive Peter Menegazzo said building owners needed to start upgrading their ageing assets. “Owners who have not invested in their assets, or who have held onto low grade stock, face both asset devaluation as well as asset obsolescence. It is here where the venture will focus,” he said.
“This theme is resonating strongly with investment partners, with a number of investors actively engaged in reviewing opportunities.”
The partners have not yet identified any buildings to redevelop but are looking to acquire commercial buildings valued at $80-90 million in the Sydney and Melbourne CBD and fringes in the next three to six months.
All the buildings will be newly acquired for the purposes of refitting them; they will not already be owned by Investa. They will be developed into 10-15,000 square metre “boutique” sustainable office accommodation.
Investa has more than $16 billion in asset under management, while Built is a diversified construction contractor with $2.5 billion in annual revenue.
Investa and Built will no doubt refer to A practical guide to upfront carbon reductions, the latest guide from Lendlease and the Green Building Council of Australia. Lendlease is a member of the Materials and Embodied Carbon Leaders’ Alliance.
The guide helps building owners understand upfront carbon in buildings, how to set targets and what to do at each stage in the project lifecycle.
Built’s Sub Station 164 is profiled in there, along with Quay Quarter Tower, 25 King Street and the Burwood Brickworks shopping centre.