For most new apartment buildings, the Owners Corporation starts life with little more than a bank account and the first quarterly strata levies.

At <a href="https://www.apartments.com.au/buildings/9-gay-street-castle-hill-9-gay-street-castle-hill-nsw-2154">9 Gay Street</a> in <a href="https://www.apartments.com.au/developments/castle-hill-nsw-2154">Castle Hill</a>, it starts with around $7 million in reserve.

It's an unusual legacy of what was once one of Sydney's highest-profile apartment remediation projects. When the development, originally known as Skyview and built by disgraced developer Top Place, came under scrutiny by then NSW Building Commissioner David Chandler, an $11 million remediation bond was negotiated to ensure any building defects could be fully rectified.

The building underwent an 18-month remediation program, during which around $4 million of that bond was spent bringing the building up to the standard it should have been in from the outset.

After extensive inspections, all active rectification orders have been lifted. What's more, around $7.2 million remains secured for the Owners Corporation for the next 15 years.

In a twist few would have predicted, what began as a significant concern for purchasers has left the building with something almost unheard of in the apartment market: a multi-million-dollar financial reserve from day one.

[smartcode_project:default project_id=147685 project_image_fid=359136]

<a href="https://www.apartments.com.au/project-marketer/equitifund-group">Equitifund</a> Executive Chairman Greg Huxley said the structure offers buyers a level of certainty that is difficult to replicate.

"The $11 million bond established for the Skyview Castle Hill development represents exceptional value, providing genuine financial security for purchasers," Huxley said.

"Unlike a standard insurance policy, this bond consists of real funds held in trust for the Owners Corporation, offering a tangible layer of protection and added peace of mind."

The apartments themselves have been designed with a focus on practical, contemporary living. Interiors feature Smeg appliances, stone benchtops, tiled living areas, carpeted bedrooms, 2.7-metre ceilings, floor-to-ceiling glazing, and ducted heating and cooling throughout.

Residents also have access to a range of shared amenities, including two rooftop barbecue areas, a swimming pool, children's playgrounds, secure building access, storage cages, and visitor parking.

The location continues to be one of the project's strongest drawcards. Castle Hill Metro Station sits virtually on the doorstep, providing direct connections across Sydney's expanding Metro network, while Castle Towers offers extensive retail, dining, entertainment, and service amenities within walking distance.

[smartcode_project:default project_id=147685 project_image_fid=359127]

The building, now named after its location at 9 Gay Street, comprises a diverse mix of one-, two-, and three-bedroom apartments starting from just under $600,000.

Equitifund National Sales Director Ben Hamblett said demand in the Hills District continues to be driven by buyers seeking convenience and connectivity.

"Interest from both owner-occupiers and investors in Castle Hill remains exceptionally strong, with buyers consistently prioritising developments in close proximity to the Metro station and Castle Towers Shopping Centre," Hamblett said.

"There is a clear trend in the market, with purchasers seeking convenient access to transport and lifestyle amenities that support a seamless, low-maintenance way of living."

On top of the long-term protection afforded by the remaining $7.2 million bond, Equitifund is offering a limited-time stamp duty rebate on selected apartments.

Eligible purchasers can also secure finance options, including a 3.99 per cent two-year variable rate, loan-to-value ratios of up to 90 per cent, and interest-only lending options through EquitiCredit.

[smartcode_project_cta:default project_id=147685]

Joel Robinson

Why this Castle Hill apartment building starts with a $7 million advantage

For much of the past few years, conversations about Australia's property market have centred on the rapid growth seen in Sydney, Brisbane, Gold Coast, and Perth. <a href="https://www.apartments.com.au/developments/melbourne-vic-3004">Melbourne</a> has followed a different trajectory.

That relative underperformance is now encouraging some buyers to reassess the city, particularly those willing to look beyond short-term market movements and focus on quality property in established locations, along with the long-term growth prospects of a city expected to overtake Sydney as Australia’s most populous.

John Bekiaris, Research &amp; Market Insights at <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Projects by Equitifund</a>, said Melbourne's current position is attracting increasingly sophisticated purchasers.

"Melbourne continues to present one of Australia's strongest long-term investment stories," Bekiaris says.

"While other capital cities have experienced stronger recent growth, that relative underperformance is exactly what's attracting sophisticated counter-cyclical investors."

[smartcode_project:default project_id=1979 project_image_fid=363268]

Equitifund isn't just commenting on Melbourne's property market, it's investing in it.

The Sydney-headquartered capital partner has taken over the remaining apartments at <a href="https://www.apartments.com.au/buildings/victoriana-melbourne-20-queens-road-melbourne-vic-3004">Victoriana</a>, the recently completed glass-encased development opposite Albert Park Lake in Melbourne's tightly held St Kilda Road precinct.

Designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> and built by <a href="https://www.apartments.com.au/builders/hickory">Hickory</a>, Victoriana places residents between one of Melbourne's most recognised parklands and the CBD, offering oversized two and three-bedroom apartments aimed at owner-occupiers seeking a genuine alternative to a traditional family home.

The development comprises 232 completed residences alongside a suite of resident amenities, including a 25-metre indoor swimming pool, gymnasium, landscaped entertaining areas, resident lounges, EV charging, secure basement parking and a concierge-style arrival experience.

[smartcode_project:default project_id=1979 project_image_fid=363229]

The apartments have been designed with owner-occupiers firmly in mind.&nbsp;Open-plan living and dining areas flow onto generous balconies framing views across Albert Park Lake, Fawkner Park, the Royal Botanic Gardens and the Melbourne skyline.

Kitchens feature Gaggenau appliances, stone benchtops and generous preparation space. Bedrooms include built-in robes, while bathrooms feature full-height textured tiling. Hardwood flooring and ducted air conditioning complete residences designed for long-term living.

Rothelowman's architecture takes its cues from the landscape opposite the site. Sweeping horizontal glazing references the movement of Albert Park Lake, while generous balconies and expansive glazing strengthen the connection between the apartments and the surrounding parklands. The result is a building designed to deliver the scale and amenity expected of luxury apartment living, while offering the larger floorplans increasingly sought by owner-occupiers.

[smartcode_project:default project_id=1979 project_image_fid=363284]

The location is one of Victoriana's defining characteristics. Positioned on Queens Road, residents are directly opposite Albert Park Lake and within easy reach of Fawkner Park, the Royal Botanic Gardens, South Melbourne, St Kilda Road and the CBD. With few comparable development opportunities remaining in the precinct, buyers are increasingly placing value on outlooks that are unlikely to be interrupted by future construction.

Greg Huxley, Founder of Equitifund, believes those qualities become even more valuable over time.

"Premium real estate has always rewarded buyers who take a long-term view," Huxley said.

"Victoriana represents the kind of asset that's increasingly difficult to recreate today, particularly in an established location like Queens Road."

He said rising construction costs are also changing the way buyers assess completed developments.

"When you combine an irreplaceable location with thoughtful architecture and premium finishes, you create something that becomes increasingly difficult to reproduce as construction costs continue to rise."

[smartcode_project:default project_id=1979 project_image_fid=363228]

According to National Sales Director Ben Hamblett, enquiry has been driven largely by Melbourne downsizers and buyers upgrading from smaller apartments.

"Interest in Victoriana continues to build, with strong buyer focus on the larger owner-occupier residences within the development," Hamblett says.

"Enquiry is increasingly driven by local buyers who recognise the rarity of what's on offer: park-facing apartments in an established neighbourhood where new development opportunities are becoming increasingly scarce. At Victoriana, the view is not just a feature; it's an appreciating asset in its own right."

He said interstate enquiry has also strengthened as buyers reassess Melbourne's position within the national property cycle.

"Melbourne currently stands as the most compelling entry point of any major Australian capital, and discerning buyers are beginning to recognise what those who move early always understand: the best opportunities are taken before the price rise confirms them."

[smartcode_project_cta:default project_id=1979]

Why now is the time to buy in Melbourne's premium apartment market

Developers and apartment buyers have a narrowing window of opportunity before Brisbane's Olympic infrastructure pipeline begins competing directly with residential construction, pushing up costs, tightening labour supply and making new projects increasingly difficult to deliver.

While Brisbane's apartment market continues to benefit from strong population growth and limited housing supply, industry research suggests the years leading up to 2027 could prove to be the most important period for developers looking to secure builders and buyers hoping to purchase before the next wave of price increases.

A new Colliers report, Brisbane 2032 Olympic and Paralympic Games: Creating Solutions, highlights the scale of the challenge. While thousands of new homes are planned across South East Queensland, the Brisbane Olympic Athletes Village alone will deliver more than 10,500 beds during the Games before being converted into around 1,750 to 2,000 apartments. Equivalent to almost two years of typical inner-city apartment supply, the project will also absorb a significant share of the construction workforce and building materials.

The broader construction pipeline paints an even clearer picture.

Construction Skills Queensland's Horizon 2032 report forecasts Queensland's annual construction pipeline will average $69 billion over the coming years before peaking at $75 billion in 2027-28. Demand for construction workers is expected to increase by 17 per cent to almost 150,000 people, with the industry facing an annual shortfall of around 19,000 workers that could blow out to as many as 35,000 during the peak construction period.

The Olympic venues, athletes village and supporting infrastructure will account for billions of dollars worth of work across South East Queensland through to 2032, creating intense competition for labour at a time when Australia's residential construction sector is already under pressure.

[smartcode_project:default project_id=150489 project_image_fid=373834]

Colliers Queensland Residential Director Andrew Scriven said the convergence of these projects is creating a clear window of opportunity for both developers and buyers.

"From 2027 onwards, the market will shift dramatically," Scriven said.

"Labour will increasingly be locked into government-led infrastructure and Olympic projects, which means private residential developments will face higher costs and tighter margins. The developers who move now are the ones most likely to get projects off the ground."

Scriven said the same dynamic would also affect buyers, with fewer apartment projects expected to launch once construction capacity tightens.

"If you're looking to change your lifestyle over the next five years, now is your window of opportunity to buy."

[smartcode_project:default project_id=150713 project_image_fid=373827]

Developers are already positioning themselves ahead of that window.

Following the success of Monarch at Toowong, Consolidated Properties is preparing to launch two new Brisbane apartment projects in the second half of 2026. They include <a href="https://www.apartments.com.au/new-apartments/gloriette-30-bedivere-street-yeerongpilly-qld-4105">Gloriette</a> at Yeerongpilly Green, a 25-storey tower within one of Brisbane's key Olympic precincts, and <a href="https://www.apartments.com.au/new-apartments/castile-47-skyring-terrace-newstead-qld-4006">Castile</a>, a recently approved 25-storey riverfront development at 47 Skyring Terrace in Newstead.

Hutchinson Builders will deliver both projects, with early works already underway at Yeerongpilly and Newstead expected to commence later this year.

The timing comes as Brisbane's fundamentals continue to strengthen, with strong interstate migration, population growth and vacancy rates remaining below 1.5 per cent.

Colliers Queensland researcher Pragya Sharma said Greater Brisbane is forecast to require around 40,000 new apartments between 2021 and 2031.

"There's a real mismatch emerging between when housing is needed and when it will be feasible to build," Sharma said.

"As a result, the period leading up to 2027 presents a key window of opportunity for developers to secure approvals, funding and construction capacity, while buyers will have greater choice before supply constraints intensify."

Colliers research outlines a critical pre-2027 window to start residential projects before labour squeeze: now is the time to buy

Developers, buyers on watch in South East Queensland ahead of construction crunch: Colliers

It's taken less than nine months for developer Sherpa Property Group to sell out all 51 apartments in its <a href="https://www.apartments.com.au/new-apartments/flourish-oasis-palm-beach-7-9-sixth-avenue-palm-beach-qld-4221">Flourish Oasis</a> development in <a href="https://www.apartments.com.au/developments/palm-beach-qld-4221">Palm Beach</a>, over a year before its anticipated completion.

&nbsp;

Located at 7-9 Sixth Avenue, the $67 million development has resonated strongly with both local owner-occupiers and downsizers seeking high-quality apartments within walking distance of the beach, dining precincts and everyday amenities.

[smartcode_project:default project_id=151449 project_image_fid=357458]

Christie Leet, Founder of <a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Group</a>, said the sell-out reflected both the strength of the Palm Beach market and the success of Sherpa's community-first approach to development.

"The sell-out of Oasis is a fantastic outcome and reinforces the strong demand we're seeing for thoughtfully designed apartments in lifestyle locations," Leet said.

"From the outset, our vision was to create a development that genuinely enhanced the Palm Beach community while providing residents with exceptional homes and wellness-focused amenities.

"We've been incredibly encouraged by the level of local support throughout the campaign, 72.5 per cent of buyers are locals, with a significant proportion of purchasers choosing Oasis as their future home rather than an investment."

[smartcode_project:default project_id=151449 project_image_fid=357463]

Construction is now progressing following development approval, with trusted builder LPS Group delivering the project and completion anticipated in Q3 2027.

Oasis forms part of Sherpa Group's successful Flourish collection, which has become recognised for its focus on wellness, community and elevated coastal living.

[smartcode_project:default project_id=151449 project_image_fid=357469]

Residents will have private access to a rooftop amenity space featuring a pool, gym, sauna, steam room, hot and cold plunge pools, spa and barbecue facilities.

"The success of Oasis demonstrates that buyers continue to prioritise quality, location and lifestyle," Leet said.

"We are proud to have delivered a project that has resonated so strongly with the market and look forward to bringing Oasis to life for our future residents."

Sherpa recently launched <a href="https://www.apartments.com.au/new-apartments/flourish-soleira-palm-beach-1150-1160-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a>, its third instalment of the Flourish brand in Palm Beach following Flourish Oasis and <a href="https://www.apartments.com.au/new-apartments/amargo-6-12-sixth-avenue-palm-beach-qld-4221">Flourish Amargo</a>.

[smartcode_project_cta:default project_id=151449]

Sherpa sells out Flourish Oasis in booming Palm Beach

Urban Property Group's <a href="https://www.apartments.com.au/new-apartments/la-vera-macquarie-park-94-talavera-road-macquarie-park-nsw-2113">La Vera</a> is leading the next phase of Macquarie Park's residential evolution, with the new apartment development set to become the first of several new apartment projects in the precinct to complete.

The 169-apartment building has now topped out ahead of its scheduled completion in the third quarter of 2026, as new residential investment continues to reshape one of Sydney's largest employment hubs into a true mixed-use precinct.

[smartcode_project:default project_id=134951 project_image_fid=368645]

Cox Architecture has designed La Vera to capture the best of its unique positioning on Talavera Road, orienting the building towards Lane Cove National Park.&nbsp;The building features a sculpted northern façade with flowing curves inspired by the surrounding landscape, while its city-facing elevation adopts a more structured architectural expression to maximise skyline views.

"The vision for the project was to conceive a building that adopted an organic and curvilinear form to the northern portion that faces the Lane Cove National Park," <a href="https://www.apartments.com.au/architects/cox-architecture">Cox Architecture</a> Director Felipe Miranda said.

"The residents that reside in the northern portion of the building benefit by having beautifully crafted curved balconies that speak to the natural context and heighten the relationship of their internal living spaces to the external balconies."

[smartcode_project:default project_id=134951 project_image_fid=358802]

La Vera offers a diverse mix of one, two, three, and four-bedroom configurations, with prices currently starting from $740,000. Buyers so far have been a mix of Sydney-based investors,&nbsp;metro commuters, owner-occupiers and downsizers from surrounding North Shore suburbs.

Both investors and owner-occupiers have been drawn to La Vera's proximity to Macquarie University, Macquarie University Hospital, Macquarie Centre and the Sydney Metro, infrastructure that supports both strong rental demand and a convenient lifestyle for residents.

The apartments feature full-height glazing, timber flooring throughout living areas, stone kitchen benchtops, SMEG appliances, floor-to-ceiling bathroom tiling and ducted air conditioning.

Residents will have access to a rooftop recreation level featuring a swimming pool, sauna, barbecue facilities and landscaped relaxation areas, complemented by additional communal space at ground level. Many apartments enjoy uninterrupted views across Lane Cove National Park, reinforcing the project's connection to its natural setting.

[smartcode_project:default project_id=134951 project_image_fid=364551]

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a>, a family-owned developer and builder with nearly four decades of experience, holds a 4.5-star iCIRT rating and was Australia's first developer to introduce 10-Year Latent Defects Insurance (LDI). La Vera is the first apartment development in <a href="https://www.apartments.com.au/developments/macquarie-park-nsw-2113">Macquarie Park</a> approved to offer the additional insurance protection, alongside a five-year warranty on SMEG appliances.

Urban Property Group CEO Patrick Elias said the additional protection reflects changing buyer expectations in the off the plan market.

"Consumers are a lot more weary and a lot more concerned in buying off the plan than they ever have been. Having LDI is a tool to portray the confidence that we have in our product, and a confidence we want buyers to share," Elias said.

Following completion of the building later this year, buyers will move into their apartments well before Christmas.

[smartcode_project_cta:default project_id=134951]

La Vera closes in on completion as Macquarie Park continues residential transformation

Sustainability

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SPONSORED POST
The materials and techniques used to build a retail centre will have a significant effect on the development’s sustainability over time.
Trends towards sustainable development are shifting the way the property industry thinks about the materials used in construction to focus on their entire life span from extraction or manufacture to disposal, rather than solely the period during which they are used in a building.
To meet the highest standards of sustainability, builders are eliminating products that harm the environment and human health – such as chlorofluorocarbons and hydrochlorofluorocarbons that were once common in air conditioning and refrigeration units, toxins such as lead, mercury, and wood treatments containing creosote, arsenic or pentachlorophenol.
The Living Building Challenge standard includes a “Red List” of materials or chemicals that cannot be used in developments seeking to meet its criteria.
But sustainability is affected by more than the choice of materials: the way in which products are sourced also plays a role. Sustainable development emphasises selecting locally sourced materials where possible to support and invest in the local economy as well as to eliminate unnecessary transportation. This also includes contractors and consultants who advise on the project.
The LBC standard, for instance, requires projects to source at least 20 percent of the materials they use from manufacturers located within 500km of the construction site. A further 30 percent of the materials construction budget must come from within 1000 km. Another 25 percent of materials must be sourced from within 5000km, and only 25 percent can be sourced from further afield.
Consultants must come from within 2500 km of the project location.
The Living Building Challenge’s focus on a sustainable, regenerative future considers the use of materials from the design phase through to the end-of-life deconstruction phase. The Challenge allows only for minimal disposal, requiring waste to be eliminated or diverted. Leftover products are collected for reuse and recycling.
On the 5.8 hectare Central Park site in Sydney, developed by Frasers Property Australia and Sekisui House, 93 percent of demolition waste was recycled.
Lendlease’s development at Barangaroo South targeted diverting 97 percent of its construction waste away from landfill.
Other examples of sustainability during the construction phase include employing building practices to minimise dust, noise and disruption to the surrounding community during construction, and seeking community input and engagement during development.
For more information, download our eBook <a href="http://propertyobserver.com.au/forward-planning/tools/ebooks-and-webinars/52152-australia-aspires-to-global-green-leadership-the-living-building-challenge" target="_blank">here</a>.
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po-LsXgBTHBmX

What new building techniques and materials will future sustainable retail centres incorporate?

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As many developers commit to creating sustainable developments, environmentally-conscious property buyers are spoilt for choice.

Finding green and energy-efficient housing not only reduces your carbon footprint but also helps you lower your bills.

Here are five new developments across Australia implementing sustainable water and energy-efficient features into their buildings and providing residents with facilities to alleviate their car dependency.

1. Daracombe 
7 Daracombe Avenue, Kew VIC 3101

<a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/daracombe-7-daracombe-avenue-kew-3fa88421280dad9688bb7c73c7bcf93e.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="326" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/daracombe-7-daracombe-avenue-kew-3fa88421280dad9688bb7c73c7bcf93e.jpg?itok=OwKBT_Lt" width="580"></a> <a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/render4c.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="312" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/render4c.jpg?itok=nB38pCs6" width="580"></a>

Situated in Melbourne’s inner-East, Daracombe offers residents the opportunity to save 30 per cent on their utility bills thanks to their sustainability features.

Designed by Conrad Architects, these apartments include sustainable features such as:

•      LED lighting 
•      Full-height double glazed windows 
•      Rain water harvesting 
•      Cross-flow ventilation 
•      Six-star energy rated appliances

The residence offers 18 residences in two and three-bedroom configurations, featuring fringed greenery, natural tavertine stone and oak floors. Two-bedroom, two-bathroom apartments start from $975,000.

2. Salt Townhomes 
85 Grossmans Road, Torquay VIC 3228

<a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/salt-townhomes-85-grossmans-road-torquay-c7f02c52e41ff3514e514ef866e093e3_0.jpeg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="387" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/salt-townhomes-85-grossmans-road-torquay-c7f02c52e41ff3514e514ef866e093e3_0.jpeg?itok=GeebJHqo" width="580"></a>

Salt Townhomes offers residents sustainable living amongst the Surf Coast lifestyle with 50 three and four-bedroom townhouses available within the project. Every home at Salt enjoys a private rear garden and landscaped tree-lined streets. 

“With an average 7.5 star energy rated design that boasts natural materials, double glazing and solar panels, these Townhomes are proving to be a very popular choice for those looking to enjoy the Surf Coast lifestyle", said Salt's sales consultant Sam Parsons. 

These apartments offer sustainable features such as: 

•      Natural materials 
•      Rear garden 
•      Double glazed windows 
•      Solar PV panels

3. Tullamore by Mirvac 
47 Doncaster Road, Doncaster VIC 3108

<a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/folia-59-stables-circuit-doncaster-f5461f57f0abf5e886a22b59c0d72e62_0.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="326" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/folia-59-stables-circuit-doncaster-f5461f57f0abf5e886a22b59c0d72e62_0.jpg?itok=h5jac9ON" width="580"></a>

Located on Doncaster Road, Tullamore offers residents sustainable living from an entry price point of $400,000 at their Folia apartments development. Folia offers 102 one, two and three-bedroom configurations. 

The development has achieved a six-leaf EnviroDevelopment accreditation, the highest available in Australia. Its sustainable features include: 

•      A 70kWh solar panel array 
•      20 per cent of open land remains green 
•      Integrated water management plan 
•      Renewable energy and battery storage 
•      Option to include a Tesla Powerwall II battery

4. Ed.Square 
Cnr Soliders Pde and Campbelltown Road, Edmondson Park NSW 2174

<a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/e01_ed_sq_stage_3_da_mews_copy.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="363" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/e01_ed_sq_stage_3_da_mews_copy.jpg?itok=5zGZYcV4" width="580"></a>

Located in Sydney’s south-west suburb of Edmonson Park, Ed.Square is Fraser Property’s new net zero energy demand home project which Is set to produce more energy than they consume.

The balanced energy homes went on sale last month and will save residents up to 43 per cent of their energy costs. Its sustainable features include:

•      LED lighting 
•      Roof insulation 
•      Electric boosted solar hot water 
•      Low-e glazed windows 
•      Ground source heat pump space conditioning 
•      4kW of solar PV 
•      No gas

Ed.Square is located within convenient access to an array of shopping, dining and entertainment facilities, with entry-prices for the development as low as $490,000 for a one-bedroom residence.

5. 249QP 
249 Queens Parade, Fitzroy North VIC 3068

<a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/10-20-river-boulevard-richmond-41b5e99cf2583d5b6846317ada208296.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="451" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/10-20-river-boulevard-richmond-41b5e99cf2583d5b6846317ada208296.jpg?itok=slJHyAfc" width="580"></a>

Delivered by Salta Properties, 249QP is a clean and green sustainable development in Victoria’s Fitzroy North. Offering 92 one, two and three-bedroom configurations, 249QP is thoughtfully designed and environmentally-focused.

Environmentally sustainable practices such as solar panels power the building and materials are sourced from environmentally responsible producers. Its other sustainable features include:

•      90% of demolition and construction waste recycled 
•      Ground floor bike workshop 
•      Solar panels 
•      Water-efficient fixtures, fittings and equipment 
•      Rainwater collection 
•      Low VOC paints, carpets and sealants

Prices for apartments in the development begin from $420,000 for a one-bedroom, one-bathroom configuration and from $1.1 million for a three-bedroom, two-bathroom residence. 
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Here are five new developments across Australia implementing sustainable water and energy-efficient features into their buildings

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5 new sustainable developments for the environmentally-conscious buyer 2020

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With summer renovation season upon us, Australia’s national science agency, CSIRO, have shared their top tips on renovating and retrofitting your home for energy efficiency.

Australian homes could see a 30–50 per cent reduction in your heating and cooling needs, with energy-efficient home improvements, saving you money.

The average family spends between $2,000 and $3,000 on energy per year, according to CSIRO’s research lead of building simulation and communication, Anthony Wright.

<blockquote>
“Of that, roughly 40 per cent will be heating and cooling energy, 25 per cent will be hot water, and the rest will be lighting and appliances”, he said.
</blockquote>

But, whether new or old. You can retrofit your home or apartment, and get results, with minimal cost.

<a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/solarpanels.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="383" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/solarpanels.png?itok=lZnPdqRY" width="580"></a>

The average existing house is rated 2.2 stars for energy efficiency according to data from CSIRO’s Australian housing data portal – the most energy-efficient houses are 10 stars.

But the average renovation jumps up to 4.9 stars, reducing heating and cooling demand by 40 per cent and saving up to $480 per year. Here are CSIRO’s tips for how to do this:

1. Choose and use your appliances wisely 

CSIRO's research lead of building simulation and communication, Anthony Wright, explained that replacing appliances with energy-efficient ones is probably the first thing to do, especially in apartments where retrofitting proves difficult.

If homeowners upgrade their hot water, heater and air-conditioner, as well as their other appliances, such as the energy-hogging fridge, they could halve their other energy use, Wright told Apartments.com.au. But what about the rest…

2. Install solar photovoltaic (PV) panels 

<blockquote>
“The rest of their energy consumption could be cost effectively offset with solar panels,” he said.
</blockquote>

As panels reach grid parity, more Australians are choosing to install solar panels to not only reduce their carbon emissions but their energy bills.

According to CSIRO, homes rated at eight stars and above can often generate their own power from a standard solar array over a year.

3. Seal, glaze and insulate 

Draft sealing, including around windows and doors, wall vents and exhaust fans are the best bang for the buck when trying to make your home more energy-efficient. But what about apartment owners?

<blockquote>
“Sealing gaps and cracks is also still a good idea in older apartments but not always possible in a high-rise where wind pressure is much higher and façade treatments are shared across multiple apartments”, said Wright.
</blockquote>

4. Install external shading 

Heat gain can be a great problem in homes and apartments – however, installing external shading is an easy way to prevent this. This could include awnings, shutters, blinds and landscaping.

For apartments, particularly for those that face west, heat gain can be an even bigger problem and external shading may often not be allowed. For this, Anthony Wright advises residents work with the body corporate to find a solution to find the best way forward.

<blockquote>
“External shading, window films, or replacing glazing are all possible but vary in complexity and cost depending on the building.”
</blockquote>

5. Don’t neglect the small stuff

Making sure all your light globes are LEDs and installing ceilings fans often deliver the best bang for your buck in both homes and apartments.

Whilst expensive, replacing major appliances with five- and six-star new appliances will only save you money in the long-term.

But energy-efficient retrofitting can include anything from ceiling insulation top up, installing heavy drapes and pelmets, installing underfloor insulation or replacing windows with double or triple glazed windows.

Here's Wright's list for retrofitting from the best bang for your buck to the least:

<ul>
<li>
	Draft sealing Including around windows and doors, chimneys, wall vents, exhaust fans, evaporative cooling vents etc.) There are products for all these applications that can be easily installed.
	</li>
	<li>
	Make sure all your light globes are LEDs
	</li>
	<li>
	Install ceiling fans
	</li>
	<li>
	Ceiling insulation top-up
	</li>
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	Replace major appliances with 5-6 star new appliances
	</li>
	<li>
	Install heavy drapes and pelmets (in cool climates where you want to retain heat in winter)
	</li>
	<li>
	Install underfloor insulation (if you’re in a cool/temperate climate and have a raised floor)
	</li>
	<li>
	Install external shading to windows where heat gain is a problem in summer, such as awnings, shutters, blinds, landscaping
	</li>
	<li>
	Replace windows with double or triple glazed window
	</li>
	<li>
	Consider retrofitting wall insulation where possible
	</li>
</ul>
<h2>A few energy-efficient developments on the market right now</h2>

<a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/folia-59-stables-circuit-doncaster-f5461f57f0abf5e886a22b59c0d72e62_1.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="326" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/folia-59-stables-circuit-doncaster-f5461f57f0abf5e886a22b59c0d72e62_1.jpg?itok=mElJh2z8" width="580"></a>

If you’re looking to beat the summer heat and <a href="/guides/how-to-buy-a-house-in-2021-a-guide-for-first-time-home-buyers">find a new home</a> with energy-efficient features, CSIRO has also passed on tips that can help you save you money. 

<blockquote>
“A first home buyer should always ask for an accredited NatHERS energy rating”, Wright tells us.
</blockquote>

For every additional star under the energy rating scheme, a house or apartment should use approximately 20-30 per cent less energy to heat and cool.

A 10-star house uses almost not energy to stay comfortable year round, yet the average older house in Australia rates at just two stars. The average new house is rated at six stars, the minimum required for newly developed homes.

When getting an energy rating done, Wright advises homeowners to ask your energy rater to show you how the house will perform in a summer heat wave or a winter cold snap.

“Knowing how it will operate without the heating and cooling turned on will give you an idea of how uncomfortable it is likely to be”, he said.

Residents should always ask raters for tips on how to improve, especially following a renovation or retrofitting project. Here are our top energy-efficient and sustainable picks for December 2020:

1. <a href="/new-apartments/daracombe-7-daracombe-avenue-kew">Daracombe, Kew</a>

<a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/daracombe-7-daracombe-avenue-kew-3fa88421280dad9688bb7c73c7bcf93e_0.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="326" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/daracombe-7-daracombe-avenue-kew-3fa88421280dad9688bb7c73c7bcf93e_0.jpg?itok=50mitpow" width="580"></a>

Situated in Melbourne’s inner-East, Daracombe offers residents the opportunity to save 30 per cent on their utility bills thanks to their sustainability features and include sustainable features such as LED lighting, full-height double glazed windows, rain water harvesting and cross-flow ventilation

2. <a href="/buildings/salt-townhomes-85-grossmans-road-torquay">Salt Townhomes, Torquay </a>

<a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/salt-townhomes-85-grossmans-road-torquay-c7f02c52e41ff3514e514ef866e093e3_1.jpeg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="387" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/salt-townhomes-85-grossmans-road-torquay-c7f02c52e41ff3514e514ef866e093e3_1.jpeg?itok=kenjv7DK" width="580"></a>

Salt Townhomes offers residents sustainable living amongst the Surf Coast lifestyle with an average 7.5 star energy rated design that boasts natural materials, double glazing and solar panels.

3. <a href="/buildings/folia-59-stables-circuit-doncaster">Tullamore, Doncaster</a>

<a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/shared-kitchen-garden-folia_1030x620pxl.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="349" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/shared-kitchen-garden-folia_1030x620pxl.jpg?itok=WU1C1Sw4" width="580"></a>

Located on Doncaster Road, Tullamore offers residents sustainable living from an entry price point of $400,000 at their Folia apartments development.

Folia achieved a six-leaf EnviroDevelopment accreditation, the highest available in Australia with sustainable features such as a 70kWh solar panel array, integrated water management plan and the option to include a Tesla Powerwall II battery. 

To view the full list of projects, read <a href="/expert-insights/buying/5-new-sustainable-developments-for-the-environmentally-conscious-buyer-2020">5 new sustainable developments for the environmentally-conscious buyer</a>. 

<h2>Recently listed properties:</h2>

[smartcode_project:default project_id=22699]

[smartcode_project:default project_id=29358]

[smartcode_project:default project_id=22803]
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Whether new or old, here's how your home can be energy efficient, with minimal cost

How to retrofit your home and apartment for energy efficiency 

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Cbus Property’s 443 Queen Street project in Brisbane has been awarded a 6 Star Green Star design rating by the Green Building Council of Australia.
<a href="/buildings/443-queen-street-brisbane-443-queen-street-brisbane">443 Queen Street</a> is the first residential building in Australia to be recognised with this rating.
The development received the 6 star Green Star rating, based on outcomes across nine impact categories, including management, indoor environment quality, energy, transport, water, materials, land use and ecology, emissions and innovation.
<a href="/developers/cbus-property?utm_source=PropertyObserver" target="_blank">Cbus Property</a> CEO Adrian Pozzo said the achievement was a testament to the company’s commitment to build and manage a sustainable $5 billion residential and commercial portfolio.
Davina Rooney, GBCA’s chief executive, said the project showed world-leading innovation and sustainability.
“The air-quality features and use of sustainable design are particularly impressive and will help to set a new standard for Australian developments”, she said.
Cbus has developed a series of key targets and milestones for our sustainability strategy, one of which is to become net zero carbon by 2030.
The Queen St rating is demonstrative of the company’s support to this goal and the World Green Building Council’s net zero carbon buildings commitment.
Last year, Urban named two Cbus projects among Melbourne's newest <a href="/news/5-of-melbourne-s-environmentally-conscious-new-development-highlights" target="_blank">environmentally conscious developments</a>.
In August last year, the first five floors of the <a href="/buildings/443-queen-street-brisbane-443-queen-street-brisbane">Brisbane project</a> had been completed.
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Cbus Property's 443 Queen Street, Brisbane project rated Australia's first 6 Star Green Star residential building

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Urban's Jake Taylor caught up with HIP V. HYPE'S Director of Projects, Katya Crema, to discuss the future of sustainable development, demand for environmentally conscious homes and the property development outlook for 2020. 

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To learn more about HIP V. HYPE projects, <a href="/developers/hip-v-hype">check out their profile on Urban</a>, or via the HIP V. HYPE <a href="https://www.hipvhype.com/">website</a>.
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Olivia Round

HIP V. HYPE'S Director of Projects Katya Crema discusses sustainable property development

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Building sustainably should be at the forefront of all building development. However, with a multitude of financial obligations, it can become a 'nice-to-have' rather than a 'must-have' for many developers. If we're to meet global carbon reduction goals over the next 10 to 20 years, we really need to see this paradigm shift.

With experience in both finance and property, Matt Khoo has a knack for finding the perfect balance between investing in sustainable building materials, selling homes at an affordable price and still maintaining the profitability of his business. How? There's no clear-cut formula, but Matt shared with us some valuable insight into how he measures the feasibility of ICD Property's projects.

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="415" src="https://www.youtube.com/embed/JWmKCZr9DgQ" width="660"></iframe>

Interviewee: Matt Khoo, Managing Director at ICD Property 

Journalist: Urban Editor, Olivia Round

Key talking points:

0:29 - How Matt got into property and finance

1:34 - Risk in property development

1:48 - How sustainable design enhances the lives of residents

4:17 - Incentives for developers to build sustainable developments

5:40 - Roadblocks for developers to create sustainable developments

7:21 - Do buyers want sustainable homes and services?

9:12 - Future sustainable initiatives ICD Property are going to be rolling out

10:04 - Finding the perfect balance between building sustainable homes which are affordable, whilst also maintaining the profitability of your business

12:26 - How to communicate to buyers the value of paying more for a sustainably built home

13:41 - Increased buyer interest in sustainable homes (in recent years)

14:21 - Challenges of building large-scale sustainable projects

16:05 - How does living sustainably extend beyond "going green" (recycling, solar etc.)

17:35 - Creating a sustainable investment

18:36 - Matt's view of what the national benchmark should be for sustainability in Australia

20:57 - The value of investing in extra amenities such as garden areas

22:12 - How Matt would like to see Australia's housing look in 10 to 20 years time

Lead image: Matt Khoo, Eq. Tower. Credit: Elenberg Fraser.
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ICD Property's Matt Khoo discusses the cost of sustainability in property development

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As a certified <a href="https://www.bcorporation.com.au/">BCorp</a> and signatory to <a href="https://au.architectsdeclare.com/">Architects Declare</a>, ClarkeHopkinsClarke spoke with Urban.com <a href="/news/735-australian-architects-agree-to-become-entirely-carbon-neutral-by-december-2020">recently</a> about the practicalities of going carbon neutral in response to the climate emergency. We invited Partner Toby Lauchlan and Senior Architect Janice Tan to discuss changing demands in the Multi-Residential sector and the role for developers, designers and buyers in creating high impact, resilient development.

Over recent months we’ve seen a positive impact emerge from the global climate emergency and Australia’s bushfire crisis: increased interest in better Environmentally Sustainable Design (ESD), homes with higher energy star-ratings and carbon-neutral development. As more of us experience the climate emergency personally and recognise the ecological, financial and social costs of policy inaction, we’re looking for better ways to build and live.

Property buyers are savvier and better informed. They know building and construction accounts for nearly 40% of energy-related carbon dioxide emissions globally. They understand our cities are growing rapidly and putting our natural habitats under unsustainable pressure. They want to feel like they’re part of the solution, not the problem, by buying homes and living lives that feel – and are – far more sustainable environmentally, socially and financially.

This interest is creating a demand for higher energy star-ratings. Where 6-star homes are mandatory and 7-star homes desirable, we’re seeing increased demand for developments of 7-8-stars and more. That’s on top of now-standard expectations for refined communal spaces and expansive roof gardens. Much currently rests on higher star ratings, but their nuances aren’t well understood by buyers and they don’t tell the whole ESD story. Some developments offer a host of great ESD features that aren’t actually captured by star ratings. So it’s hard for buyers to assess their worth and compare apples with apples. 

There’s an important role for architects, developers and builders in helping buyers understand what star ratings like Green Star, NatHERS and BESS do and don’t measure and the practical impact of various ESD features and materials. Choosing durable materials right down to internal linings, for example, is an important way of ensuring lower replacement costs and less waste over the life of a building.

As an industry, we need a better process for giving buyers and building users more holistic and meaningful user manuals. Currently, builders supply manuals and they tend to focus on operating appliances. Designers and developers need to contribute too and broaden the focus to include clear explanations of ESD in practice and how and when to use features like thermal chimneys, external shading and passive heating, making it easier for people to operate their homes to their full potential. And of course, building owners and users need to apply the same scrutiny to their habits within their home and neighbourhood, too. An 8-star, fossil-fuel-free home is a great start on a low-impact lifestyle. But social and environmental sustainably also means considering things like our transport use, waste management, shopping and eating habits and social connectivity. 

Designers can build on the growing demand for better ESD by making it more convenient and much more visible. That means clearly expressing water tanks and solar panels. Making shared facilities visible from the street, from veggie patches and composting to bike storage and electric and solar car charging. 

Involving residents in the management of their physical environment so they’re more invested in using it efficiently is central to our mission. At a new fossil-fuel-free development in Brunswick East, we’re planning to place building management panels just inside front entrances to show residents precisely how much energy they’re currently using and how they can reduce it. Ultimately, we believe, it’s this kind of visibility and emotional investment that’ll make better ESD more desirable and drive demand for architecture with social impact that’s plain to see.

Obviously, there’s an upfront cost associated with higher star-ratings and more ambitious ESD initiatives but there is multiple time and cost savings too. Clients tell us better ESD and higher ratings help sell properties more quickly, saving them substantial time and money. Councils tend to support developments with good ESD because they align with their broader vision, create better outcomes for residents and impact less on existing infrastructure. A smoother path through planning represents time and cost savings too. 

Ultimately, clients, builders and architects are becoming more conscious of their legacy on the built environment and looking for ways to create a more positive impact. That’s true of others in industry too, like the financial institutions now distancing themselves from fossil fuel-based projects and offering home loan incentives to buyers of carbon-neutral and high-ESD homes. The industry as a whole is under increased media scrutiny, and we know we’ll be held to account for our social and environmental impact. More ambitious ESD and more inclusive, better-connected communities offer the best path forward. Why wouldn’t we take it?

Lead image: Bourke Road, Credit: ClarkeHopkinsClarke.
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Astute home buyers could be the driving force behind environmental change in off-the-plan building practices

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EXPERT OBSERVER
A deeper awareness of social and environmental issues and their interdependencies with financial performance is prompting major businesses, like Westpac and Singapore's Olam International, to elevate the importance of sustainability in their corporate strategies.
The world's population is forecast to hit 9.7 billion by 2050, which means there will billions more mouths to feed over the next two decades. This rapid population growth is occurring in parallel with the challenges of resource scarcity, climate change and decent livelihood.
One organisation leading the response to these calls - and creating an example for corporate sustainability in action - is Olam International, a Singapore-based, global food and agri-business that supplies a broad portfolio of products – from cotton to cashew nuts – to over 19,800 customers.
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I recently had the privilege of hosting an in-depth discussion at Westpac’s Singapore co.lab with Olam’s Group Chief Financial Officer, Neelamani Muthukumar. He shed light on how Olam has become a pioneer in the field and provided valuable insights for companies aiming to bring sustainability closer to the heart of their operations, including through the use of sustainable finance.
Just why has this become so important? As Muthumkumar pointed out, sustainability is presenting companies with a host of new pressures as well as opportunities. For instance, as a society, we now increasingly demand granular information on the food we consume. A range of studies have revealed staggering facts about the social and ecological footprint of the agriculture industry, making people question the methods employed and their long-term viability. Consider these statistics: producing one kilogram of beef requires <a href="https://sites.psu.edu/foodsustainability/2018/02/11/our-water-footprint/" target="_blank">15,415 litres of water</a>; about 25-30% of food is wasted and not eaten; and as much as <a href="https://www.ipcc.ch/srccl/chapter/technical-summary/" target="_blank">37% of total greenhouse gas emissions</a> are attributable to the food system.
The urgency surrounding climate change and resource management is also driving the expansion of ESG (environmental, social and governance) investing. More investors are factoring ESG criteria, such as climate change, modern slavery and cybersecurity, into their investment decisions in an effort to protect and create financial and societal value. 
This trend is also powering a boom in sustainable finance. For example, global issuance of green, social and sustainability bonds surged about 40% in 2019, with a combined issuance reaching US$290 billion. In Australia, the value of green or sustainability linked loans grew approximately 14 times, to US$2.3 billion.
Despite this strong growth, we anticipate further growth in the sustainable finance market. Preliminary data from a survey on sustainable finance commissioned by Westpac and conducted by the Economist Intelligence Unit (EIU), previewed at the co.lab event, showed 77% of companies polled intend to utilise some form of sustainable financing within the next year.
Investors are similarly bullish. In the same survey, 68% of investors plan to increase their allocation of funds in sustainable investments over the next 12 months.
Embedded in the business model
As Muthukumar explained to our audience, these realities mean sustainability should not be a last-minute add-on to any business model. At Olam, “sustainability is integrated into the strategy formulation, so it is not a distinct piece,” he said. “We believe that the agricultural and food systems in the world today are broken, and we want to fix that. We think about how we can produce more food with fewer natural resources and improve biodiversity so that we leave something for future generations.”
Known as <a href="https://www.olamgroup.com/content/dam/olamgroup/homepage/homepage-pdfs/Olam-annual-report-fy18-3-in-1.pdf" target="_blank">Olam 2.0</a>, the initiative re-imagines Olam as a ‘purpose-led company’ with an emphasis on three main outcomes: prosperous farmers and food systems; thriving communities; and regeneration of the living world. These overarching goals have determined 10 priority areas which include economic opportunity, gender diversity and safer workplaces.
Setting industry and regional benchmarks
By establishing measurable and ambitious sustainability targets, Olam was able to secure Asia’s first sustainability-linked loan in 2018. The three-year revolving credit facility, worth US$500 million, was based on the company meeting specific key performance indicators as assessed by specialist ESG firm Sustainalytics. The metrics are tested annually and if the KPIs are met, then there is a subsequent reduction of the loan’s interest rate.
Last year, Olam successfully tapped the market once again with a second KPI-linked loan for US$525 million. According to Muthukumar, third-party verification assures stakeholders that the company is meeting its sustainability targets and the reduction in financing cost incentivises executives to embrace non-traditional financing options without fear of reputational damage. As a result, Olam aims to make 20% of its debt portfolio sustainability-linked by the end of 2020.
Besides examining its own activities, Muthukumar went on to describe how Olam positions itself as a constructive partner in the wider industry landscape to promote the spread of ESG policies.
“We want to understand what CFOs can do in their respective organisations to improve sustainability, and engage with the Big Four accounting firms and regulators to develop simple, easy-to-understand standards with a finite number of metrics,” he said, noting that a lack of clearly defined frameworks were preventing many investors and issuers in Asia from committing to this segment of the market.
Indeed, the EIU survey reveals that although investors in the region are overwhelmingly interested in sustainable finance structures, they do share concerns about qualifying criteria, regulatory support, and generally insufficient ESG investment prospects in Asia Pacific.
Ultimately, sustainability is not just about being socially responsible. It makes rational business sense for companies to be at the forefront of this transformation. As Muthukumar told us that day, proactively addressing the forces reshaping our natural ecosystem, as well as the expectations of both investors and consumers, will prove that “sustainable profits are equal to corporate longevity.”
As more corporates see how sustainable finance can incentivise and compel further action on sustainability, and how such action can be good for business, I’m confident that we will see strong continued growth in the sustainable finance market.
MICHAEL CHEN is the Head of Sustainable Finance for Westpac
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How can rejuvenating global food systems enhance sustainability: Michael Chen

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Pro-invest’s newest hotel development, the Holiday Inn Express Melbourne Southbank, launched in early February. 
It will delivery a 25 per cent reduction in energy usage compared to other typical city hotels.
In its first investment in the hotel sector, the Clean Energy Finance Corporation partnered with Pro-invest to enable the Southbank project to substantially cut its energy use and achieve a 5-star energy rating under the National Australian Built Environment Rating System (NABERS)*.
 With a contribution of about $40 million construction and term debt facility to the asset’s overall finance structure, Pro-invest lifted the design standard for the project, enabling the Melbourne Southbank hotel to target the 5-star NABERS energy rating.
It aims to be the first hotel in Australia to achieve a 5-star rated NABERS energy rating.
To help achieve the 5-star rating, the Holiday Inn Express has incorporated high-performance glazing, high-efficiency air-cooled chillers and condensing boilers and solar photovoltaic systems on the roof into the hotel development.
Other initiatives include regenerative lift drives rather than standard lift motors which will enable the hotel to recycle energy, and integrated building management and guestroom energy management systems to both monitor and drive building performance.
The CEFC investment has been used to effectively lift the project from the original target of a 4.5 star rating to a 5-star NABERS rating - producing a hotel energy consumption saving of about 25 per cent. 
Even fittings such as carpets have been selected for their environmental sustainability, with Interface flooring delivering 100% carbon neutral carpets for the hotel.  
The Melbourne hotel will build on Holiday Inn Express’ commitment to reduce use of disposable plastics – which has already seen the phasing-out of plastic straws and water bottles – by being the first Holiday Inn Express in Australia to replace miniature bathroom amenities with larger, more sustainable options. 
The new dispensers, containing high-quality shampoo, conditioner and soaps, will be introduced into the hotel from mid-year and then across the Australian Holiday Inn Express network over the rest of the year. The initiative has the potential of reducing plastic waste by over 20,000 bottles per year, per hotel.  
The City Road project features a 22-storey mixed-use development consisting of a 345-room hotel, 370m2 retail space, 4,500m2 of commercial space and car parking. 
Holiday Inn Express Melbourne Southbank is the first Holiday Inn Express hotel to open in Melbourne, and fifth in Australia, joining properties in Brisbane, Adelaide, Newcastle and Sydney’s Macquarie Park. Pro-invest is developing new Holiday Inn Express hotels in Sydney Airport and <a href="https://www.hotelmanagement.com.au/2017/04/12/pro-invest-group-develop-new-queenstown-hotel/" target="_blank" data-auth="NotApplicable">Queenstown</a> (2020), Melbourne (Little Collins Street), Sunshine Coast and Auckland (2021), Parramatta (2022) and a voco hotel in Auckland (2021).
This will grow Pro-invest’s hotel portfolio to a total of 12 hotels and 2864 rooms.
<img src="https://www.urban.com.au/images/2020/2/5/Holiday%20Inn%20Express%20Melbourne%20Southbank%20porte%20cochere.jpeg" alt="">
Pro-invest has financed and developed the Melbourne hotel, and operates all Holiday Inn Express hotels in Australia under a master franchise agreement with the IHG hotel group.  
Pro-Invest Group CEO, Ronald Barrott, said the group’s commitment to the highest levels of sustainability was driven by the opportunity to work with CEFC to establish a template for environmentally-sensitive urban hotels and also as a strong response from both investors and travellers calling for more sustainable industry initiatives.
“Our partnership with the Clean Energy Finance Corporation will see the Southbank hotel and all our future new-build hotels complying with strict energy-saving initiatives to ensure attainment of a 5-Star NABERS energy rating,” said Mr Barrott. 
“By its very nature, the hotel industry is a high energy user, with the <a href="https://www.cisl.cam.ac.uk/" target="_blank" data-auth="NotApplicable">Cambridge Institute for Sustainability Leadership</a> estimating that tourism contributes about 5% of global greenhouse gas emissions.  It’s important for new hotels to invest in energy efficiency design and construction and incorporate state-of-the-art environmental measures across the full-operation of the hotel. 
<img src="https://www.urban.com.au/images/2020/2/5/Holiday%20Inn%20Express%20Melbourne%20Southbank%20winter%20garden.jpeg" alt="">
“A 25% reduction in energy-use pays both environmental and economic dividends. It certainly requires greater investment, but in the long-term we are very confident that the measures will increase the overall value of the property. In fact, given that a recent survey indicated that sustainability was the most important factor for 52% of consumers when selecting a hotel, we believe our initiative can become a significant competitive advantage for the property and the brand.
“Investors are also increasingly demanding that hotel projects incorporate premium sustainability and energy-efficiency initiatives into development projects, and this has been reflected in CEFC’s additional investment of $50 million in the Pro-invest Australian Hospitality Opportunity Fund II – Australia’s first hospitality real estate fund to integrate energy sustainability in its investment criteria.”
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Holiday Inn Express Melbourne Southbank is Australia's first 5 star NABERS energy rated hotel

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As bushfires escalate across Australia and the country falls significantly short of the targets set by other developed nations, <a href="/news/how-will-australians-live-over-the-next-decade-stockland-research">concerns about climate change</a> and the environment is undoubtedly <a href="https://www.savethechildren.org.au/media/media-releases/leading-agencies-address-climate-crisis" target="_blank">Australia's most pressing issue</a>. 
<h2>Rethinking the residential sector </h2>
The residential sector in Australia, as with other countries, is a significant contributor of overall environmental impact including greenhouse gas emissions and material consumption.
<a href="https://www.sciencedirect.com/science/article/pii/S0301421519303878?via%3Dihub" target="_blank">Recent research </a>has found that over 80 per cent of detached housing in Australia is only built to the minimum regulatory requirements which is currently 6.0 stars on the Nationwide House Energy Rating Scheme, with less than 15 per cent built to the economically and environmentally optimal 7.5 stars for the life of the dwelling. 
The way housing's deigned and constructed has a significant impact on households and society. For instance, a poorly designed and/or built home can add significant energy costs or be hard to keep cool during heatwaves in summertime and warm during winter. 
Across Australia we are seeing an increasing issue emerge in relation to energy poverty and negative health outcomes due to poor quality housing and rapidly increasing energy prices. 
<h2>Blueprint for a sustainable future</h2>
A 12-month independent study conducted by RMIT University and analysis by <a href="https://renew.org.au">Renew</a>, sustainable not-for-profit, aimed to provide evidence of qualitative and quantitative lived experience of a housing development which is attempting to deliver high quality housing. The purpose of this research is to guide other new housing developments and future revisions of minimum performance regulations for housing Australia. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/1/21/1_The%20Cape2.jpg" alt="">
Source: <a href="https://www.liveatthecape.com.au/images" target="_blank">The Cape Galleries </a>
 For this research, <a href="https://www.liveatthecape.com.au" target="_blank">The Cape</a> provided sustainable homes for participants. The Cape is a sustainable housing estate in Victoria's Bass Coast that demonstrates how Australian housing estates can build affordable energy efficient housing, carbon neutral homes that achieve a zero emissions, low, cost future. 
The Cape is the ideal controlled variable for this study with its combined passive solar design and construction techniques with affordable technologies such as heat pump heating, cooling and hot water systems, and solar power, to achieve carbon neutral, healthy homes that are comfortable, resilient and healthy in hot spells and heat waves, with super low running costs compared to conventional homes.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/1/21/1_The%20Cape3.jpg" alt="">
Source:<a href="https://www.liveatthecape.com.au/images" target="_blank"> The Cape Galleries</a>
The Cape is also generating three to four times the energy it is using. It demonstrates how new “energy positive” estates can become power stations in suburbs, generating a surplus of clean energy for use on site, to help power electric vehicles, and to export to surrounding neighbourhoods and improving energy security.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/1/21/1_The%20Cape4.jpg" alt="" style="caret-color: #000000; color: #000000;">
Source: <a href="https://www.liveatthecape.com.au/images" target="_blank">The Cape Galleries </a>
<h2>Research reveal a preference for a sustainable community</h2>
The report shows that most participating households aimed to live in The Cape permanently. 
There were a range of motivations from the households as to why they had bought land and planned to build a home at The Cape. Motivations ranged from wanting to reduce living costs and environmental impact through to being part of a like-minded community. 
Some households already lived in the area and were looking to move into sustainable and quality housing, while others were from Melbourne, or further afield, and were looking to transition living down at The Cape. 
In interviews with households after they moved, they reported that the housing was thermally comfortable, that they rarely had to use their heating and cooling systems and their energy and water bills had significantly fallen. 
The participants also spoke about how friendly the community was, even though it was still under development. Residents spoke about how the existing community welcomed new households and there were a number of community events starting to occur in the development. 
Some of the residents who were not yet living in the development would drive down from Melbourne to participate in some of the community activities such as the community gardening days.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/1/21/1_The%20Cape5.jpg" alt="" width="677" height="425">
Source: <a href="https://www.liveatthecape.com.au/images" target="_blank">The Cape Galleries </a>
Overall the majority of households were extremely happy with the performance and quality of the homes.
The use of the development guidelines provided by the developer and the use of a design review panel helped to ensure improved outcomes from having inputs from sustainable housing experts.
<h2>Efficient energy </h2>
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Data shows that energy imported from the grid ranged from 1,048kWh per year to 2,612 kWh per year or from 2.9-7.2 kWh/day with an average of 5.2kWh/day.
Excess renewable energy generation exports ranged from 2,625 kWh per year to 5,420 kWh per year or 7.2-14.8kWh per day and an average of 12.4kWh/day.
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<img src="https://www.urban.com.au/images/2020/1/21/1%20Table.jpeg" alt="" width="614" height="308">
Analysis of the energy consumption and generation of renewable energy on 5 occupied homes in the study. Source: RMIT/ Renew 
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Analysis from Damien Moyse shows a reduction in energy consumption of 88% compared to a typical new 6 star home of comparable size in Victoria.
In this context the house at The Cape are performing as expected and in line with data from other sustainable housing developments in Australia.
Some of the homes at The Cape have recently added battery storage to take further advantage of the energy their renewable energy systems are generating. 
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<img src="https://www.urban.com.au/images/2020/1/21/1%20Table%202.jpeg" alt="" width="615" height="160">
Analysis from Damien Moyse (Renew). Source: RMIT/ Renew
<h2>A low cost future</h2>
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A reduction in energy consumption was noticed by the households who reported that their energy costs were significantly lower than their previous homes, estimating that they had now dropped to under $500 a year; a figure confirmed by their energy bills and the modelling we undertook which found economic savings of $2,307/year.
<img src="https://www.urban.com.au/images/2020/1/21/1%20Table%203.jpeg" alt="" width="621" height="70" style="caret-color: #000000; color: #000000;">
Source: Source: RMIT/ Renew
Some households were in credit on their energy bills. 
If the energy savings ($2,307/year) found at The Cape were replicated across all new housing in Victoria it would lead to economic savings for those households of almost $91 million per year and across Australia it would be almost $180 million per year. 
If all new housing, which is estimated at 118,300 houses per year, was built to the standard of The Cape across the next decade there could be accumulated economic savings for these households of more than $5 billion.
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<img src="https://www.urban.com.au/images/2020/1/21/1%20Table%204.jpeg" alt="" width="622" height="292">
Source: RMIT/ Renew
 
 
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