Commercial property activity can have an adverse impact upon the environment, however by embracing innovation and striving to improve building efficiency, Cromwell hopes to make a real difference.
We are committed to achieving the highest possible environmental standards across our property portfolio, maximising the efficient use of resources, reducing waste and minimising our environmental impact in order to meet and exceed Government regulations and policies.
But aside from our government obligations, we also embrace the ethical and social responsibilities that come with providing healthy work environments for thousands of tenants and recognise the importance of reducing our combined impact on the environment.
Improving the energy and water usage of our buildings is the most immediate improvement we can make to operational efficiency.
In 2008, Cromwell is targeting a 25% reduction in water usage across the portfolio and is currently assessing overall Australian Building Greenhouse Rating (which rates energy efficiency) in order to benchmark the portfolio and set targets for improvement.
On a smaller scale, Cromwell has introduced waterless urinals in all our office buildings and has also introduced waste recycling programs for paper and ‘co-mingled recycling’ (aluminium, glass and plastics) to reduce our tenants’ contribution to landfill.
These changes are good for the environment, but also make good commercial sense. Cutting energy and water bills for tenants reduces their total occupancy cost which makes our buildings more attractive to lease.
Environmental considerations are also increasingly vital for attracting and retaining government tenants because they are required to lease buildings with a high ABGR and a high Green Star Rating (which is a more broadly based measure of a buildings environmental performance).
Case Study - Synergy
Cromwell continues to enhance its property portfolio through forward looking acquisitions such as a recent agreement which will see Cromwell own the Synergy commercial development at Kelvin Grove in Brisbane.
Under the agreement Cromwell will acquire the land, fund the construction and retain the asset on completion. Synergy is expected to be ready for its first tenants in late 2008 and is protected by an 18 month rental guarantee from the developer, commencing on practical completion of the building.
By adopting an innovative acquisition structure Cromwell will be able to own and manage one of Brisbane’s most environmentally-friendly buildings without exposure to any cost overruns throughout the construction phase.
Being built to an A-grade Property Council of Australia standard, Synergy will achieve a minimum 4-star Green Star Building Rating and a minimum 4.5 star Australian Building Greenhouse Rating.
Since entering into the agreement, Cromwell has already added value to the property by varying the development application to achieve an increase in net lettable area from 11,000 to 14,000 sqm.
On completion, Synergy is expected to be in the vanguard of environmentally-friendly designed commercial office buildings in Brisbane.