Charter Hall set to deliver first net zero emissions office building at 60 King William Street

Charter Hall Group has today announced that it will deliver its first office development enabled for net zero emissions in operations at 60 King William Street in Adelaide. This development is set to lay the groundwork for the Office sectorโ€™s approach to creating sustainable real estate.

This investment is central to Charter Hallโ€™s ongoing commitment to accelerating its pathway to net zero emissions by 2030.

The 60 King William Street project will set a new sustainability benchmark for its office portfolio integrating all electric mechanical central plant, climate friendly refrigerant and once complete will be powered by 100% renewable energy.

60 King William Street is targeting a 5 Star NABERS Indoor Environment Quality Rating and a WELL Platinum certification, which will be a first for the South Australian market. The approach to integrating human health and wellness into workplace design is a continued focus for businesses in their approach to attracting and retaining talent. The design seeks to optimise indoor air quality, thermal services, acoustic comfort, lighting and office layout.

Beginning 1 July 2021, Charter Hall signed an agreement to supply 100% renewable electricity for base building operations, covering 1.50 million square metres (sqm) of workplace assets in its portfolio with renewable power, representing $19.04 billion in gross asset value. This accounts for 100% of electricity contracts in Charter Hallโ€™s management control within the office portfolio and 65% of Charter Hallโ€™s Group electricity purchase. This has been procured as a net electricity cost saving creating environmental value alongside financial for tenant customers and investors. Charter Hall has also commenced assessment of long-term renewable electricity direct supply options as part of its approach to achieving and maintaining net zero in operation.

Charter Hall Office CEO, Carmel Hourigan said, โ€œ60 King William Street sets a new benchmark for Office and is an excellent example of how we are thinking about creating sustainable real estate. Sustainability is a top priority at Charter Hall, and we know that our capital partners and tenant customers are actively seeking out places that align with and support their sustainability goals as well. Todayโ€™s announcement further demonstrates our commitment to making smart, sustainable investments.

โ€œWe continue to measure our performance based on a comprehensive set of ESG criteria alongside key financial and customer metrics, driving us to make decisions that have wide reaching benefits. In doing so, we actively create opportunities to deploy capital into existing assets to improve sustainability standards, as well as new developments to deliver lower carbon outcomes. We are proud of the progress that weโ€™ve made and continue to increase our momentum as we progress our pathway to net zero by 2030.โ€

Charter Hall Group Head of ESG, Andrew Cole said, โ€œCharter Hall has a demonstrated track record in embedding ESG into its assets and portfolios. 60 King William Street serves as an expression of our approach to high performance sustainable real estate and is pioneering the direction the sector is taking to transition away from fossil fuels in operating buildings. The enhancements to the project and commitment to be powered by 100% renewables will ensure this building is net zero in operations at completion.

โ€œAs we continue to focus on ESG as a strategic priority for the business, we believe there is significant opportunity to create environmental and social value by partnering with tenant customers on shared sustainability challenges. This includes creating workplaces which are healthier and more productive for the people in them, as well as for the planet.โ€

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About Warwick P

Warwick has over 25 years of property investment and management experience. Principally responsible as Managing Director for Capital Management Australia and Joint Managing Director for Chauvel Capital Partners and Editor of Australian Property Markets News.

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