One of North Sydney's best-known commercial buildings could become hundreds of new homes, with insurance giant Zurich Australia lodging a State Significant Development Application (SSDA) to transform 5 Blue Street into a mixed-use residential development above North Sydney Station.

Rather than demolishing the existing building and starting again, Zurich is proposing an adaptive reuse project that would convert the landmark office building into a 15-level residential development delivering 62 apartments, 86 affordable co-living dwellings, activated retail and significant upgrades to the Blue Street Plaza.

The proposal reflects a growing trend of commercial property owners repositioning ageing office assets into residential housing as Sydney grapples with housing supply shortages and changing workplace demand.

<img alt="Zurich" data-entity-type="file" data-entity-uuid="0bba7d12-06dc-4375-aad7-238c94b21ac5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%2010.42.05%E2%80%AFAM.png?VersionId=NJl5oLAEBDGuPmY3RnyliKODjMc8lvRh" />

Located directly above North Sydney Metro and train station, the 3,051 sqm site occupies one of the most strategically positioned parcels of land on Sydney's Lower North Shore.

Designed by fjcstudio, the proposal seeks to retain and adapt much of the existing structure while creating a contemporary residential address that better connects with the public domain surrounding North Sydney Station.

The application proposes two basement levels, ground floor retail, affordable co-living accommodation across the podium levels, and apartments above, while preserving and enhancing the publicly accessible Blue Street Plaza.

Rather than pursuing maximum apartment numbers, Zurich has opted for a housing mix heavily weighted towards larger owner-occupier residences.

The proposal includes 62 build-to-sell apartments comprising 12 one-bedroom, 19 two-bedroom, 29 three-bedroom apartments and two premium penthouses. It also incorporates 86 affordable co-living dwellings, which would be managed in perpetuity by a Community Housing Provider.

That balance between traditional apartments and affordable housing reflects the NSW Government's push to increase housing diversity around major transport infrastructure.

The proposal has been lodged concurrently with a rezoning application, with Zurich arguing the site is ideally positioned to support additional housing given its immediate proximity to public transport, employment and services.

"The proposal aims to respond to the housing challenges facing Sydney through the delivery of diverse housing types in a highly accessible location," the design report by fjcstudio states. It also seeks to improve pedestrian amenity through upgrades to Blue Street Plaza while creating a high-performing residential building that responds to the surrounding context.

<img alt="Zurich" data-entity-type="file" data-entity-uuid="36082e15-c636-4481-bb68-5a5f6443fe39" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%2010.41.36%E2%80%AFAM.png?VersionId=5P6VD.fvmqjQfIG3TWWMRXxQWiQBjeFB" />

Rather than replacing the commercial building, fjcstudio has developed a design that works with the existing structural framework above the rail corridor, an approach that significantly reduces demolition while allowing the site to be repositioned as a mixed-use residential precinct.

The existing structural constraints have informed much of the building's design, including its relationship with Blue Street and surrounding public spaces.

The building has been designed as a slender tower rising above a clearly defined podium, with vertically expressed façades intended to reduce the perceived bulk while reinforcing North Sydney's emerging skyline.

According to fjcstudio, the architectural language responds directly to the surrounding commercial towers while maintaining a finer grain expression more closely aligned with the neighbouring Lavender Bay streetscape.

The tower incorporates articulated façade elements, landscaped podium edges and recessed upper levels to soften its appearance and improve pedestrian amenity below.

A significant component of the proposal is the revitalisation of Blue Street Plaza.

The existing public space has long served as one of the primary pedestrian connections between North Sydney Station, Greenwood Plaza and Blue Street, yet its role is expected to become even more important following the opening of Sydney Metro.

Zurich's proposal seeks to strengthen that role by improving landscaping, introducing new retail frontages, enhancing pedestrian permeability and creating more active edges throughout the day and evening.

Ground floor retail would wrap the plaza, while separate residential and co-living entries have been designed to improve wayfinding without reducing street activation.

Landscape design has been integrated throughout the podium and public realm, softening what is currently one of the most heavily urbanised parts of North Sydney.

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fjcstudio has carefully oriented apartments towards Sydney Harbour and the CBD while using privacy blades and articulated façades to minimise overlooking between neighbouring buildings.

Large framed openings along the western elevation maximise harbour outlooks, while the eastern apartments have been angled towards the south-east to improve privacy from neighbouring development.

The project forms part of the continuing transformation of North Sydney from a predominantly commercial CBD into a genuine mixed-use city centre.

Since the completion of Victoria Cross Metro Station, developers have increasingly shifted their attention towards residential projects capable of leveraging the area's unparalleled transport connectivity.

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FiveX recently lodged plans for a 61-storey, 490-apartment tower that would become one of the tallest residential buildings in North Sydney if approved.

Aqualand continues to expand its Lower North Shore presence following the completion of AURA on Walker Street and its recent St Leonards and Roseville proposals.

Developers are also progressing projects throughout Walker Street, Miller Street and the Victoria Cross precinct as demand for well-located owner-occupier apartments continues to strengthen.

Joel Robinson

First look: Zurich targets North Sydney office conversion with 148-unit proposal above Metro station

Busy developer Aqualand Prestige has formally taken the next step in its expansion across Sydney's Lower North Shore, lodging a State Significant Development Application (SSDA) for its long-held Archer Street site in Chatswood.

The application covers <a href="https://www.apartments.com.au/new-apartments/51-55-archer-street-chatswood-nsw-2067">51-55 Archer Street</a>, a 1,767 sqm amalgamated site on the eastern edge of the Chatswood CBD, where the developer is seeking approval for a 45-level mixed-use tower delivering 114 apartments, including a significant affordable housing component, alongside retail, commercial space and six basement levels of parking.

The SSDA marks the latest milestone for a project Aqualand has been quietly progressing over the past two years. The developer first secured the site for its Aqualand Prestige platform before undertaking an alternative design excellence process with PTW Architects, ultimately avoiding a formal design competition through the Housing Delivery Authority pathway.

The proposal has evolved considerably from Aqualand's original concept. The revised scheme has been designed around larger owner-occupier product, with an unusually high proportion of three and four-bedroom apartments, targeting the more affluent buyer profile, and downsizer, emerging across the North Shore.

<img alt="Archer St" data-entity-type="file" data-entity-uuid="0171204c-5811-41b5-9b09-2335d1b7c3d0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%208.52.48%E2%80%AFAM.png?VersionId=6YTuxfq.puZo7k2wbfgemcO5K3QfXYGQ" />

The 114-apartment mix comprises six studios, 27 one-bedroom apartments, 18 two-bedroom apartments, 50 three-bedroom residences and 13 four-bedroom homes. A quarter of the building will be dedicated to affordable housing, well above the mandated 15 per cent&nbsp;

PTW has structured the building vertically, with affordable housing across levels one to six, premium apartments through levels seven to 31, duplex skyhomes on klevels 32 to 43, a penthouse on level 44, and a rooftop plant level above. Six basement levels will provide resident parking and servicing.

The tower is proposed to reach approximately 154 metres, placing it among a growing collection of residential high-rises transforming Chatswood's skyline.

Rather than competing purely on height, PTW says the design has been driven by creating a slimmer tower capable of delivering significantly larger apartments.

"The primary objective of this project was to create a distinctive building that stands out from the recently approved or built structures in the Chatswood area," the design report states, noting the structural efficiency allows greater investment into apartment quality and resident amenity.

Residents would have access to more than 450 sqm of communal open space including landscaped gardens, swimming pool, rooftop entertaining areas, fitness spaces, community gardens, children's play areas and barbecue facilities.

A major focus of the design has been the public domain.

The ground plane has been opened up through landscaped terraces inspired by Willoughby's sandstone ridges, with native planting, public seating, artwork, retail activation and a series of gathering spaces intended to soften what has traditionally been a hard commercial streetscape.

The landscape strategy references Blue Gum forests once common throughout the area, while incorporating Indigenous storytelling, public art and lighting installations to strengthen the connection to Country.

Chatswood has been one of Sydney's busiest apartment markets over the past 12 months, with a steady pipeline of both new project launches and fresh development applications.

Hyecorp recently launched Celine, a 122-apartment development just along Archer Street, while Changfa and Huirong Group are progressing The Anderson, an 84-apartment project on Anderson Street.

Develotek recently secured approval for a 101-apartment tower on Pacific Highway, while Tian An LFD received the green light for Hammond Greens, its apartment development on the edge of the Chatswood Bowling Club.

Commercial property developer FiveX is also making its move into the residential market. Last month it lodged plans for a 61-storey tower with 490 apartments, which, if approved, would become one of the tallest residential buildings in Chatswood.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-fivex-targets-chatswood-skyline-with-61-storey-tower-after-north-sydney-plans">First look: FiveX targets Chatswood skyline with 61-storey tower after North Sydney plans</a>

Aqualand is also expanding its development pipeline following the launch of its luxury residential brand, Aqualand Prestige. The developer has delivered a string of high-end apartment projects across Sydney's affluent suburbs over the past decade, most recently AURA by Aqualand on Walker Street in North Sydney.

[smartcode_project:default project_id=30959 project_image_fid=292863]

It has since quietly assembled its next wave of projects.

Earlier this year Aqualand launched Boronia in Roseville, a boutique 111-apartment development on Larkin Street. The project is one of the first significant apartment developments to launch in the suburb ahead of what is expected to become one of Sydney's most active new housing precincts under the NSW Government's Low and Mid-Rise Housing reforms, which allow greater density around train stations.

[smartcode_project:default project_id=152095 project_image_fid=373685]

The developer has also lodged plans for a two-tower, 413-apartment development on Herbert Street in nearby St Leonards, further strengthening its presence across the Lower North Shore.

Beyond that, Aqualand remains behind the final stage of Barangaroo, where plans will deliver a five-hectare mixed-use precinct comprising new homes, retail, hospitality and community facilities, alongside a new Metro entrance and more than two hectares of public open space, completing the Barangaroo precinct.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/central-barangaroo-development-takes-big-step-with-concept-proposal-approval">Central Barangaroo development takes big step with concept proposal approval</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-aqualand-joins-st-leonards-apartment-party">First look: Aqualand joins St Leonards apartment party</a> 
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First look: Aqualand pushes ahead with Chatswood apartment tower as SSDA lodged for Archer Street

Mass timber is becoming an increasingly popular construction material in apartment developments, but Adelaide developer <a href="https://www.apartments.com.au/developers/otello">Otello</a> is taking the approach a step further.

At its new <a href="https://www.apartments.com.au/new-apartments/flowe-bowden-18-gibson-street-bowden-sa-5007">Flowe Bowden</a> development, the exposed cross-laminated timber (CLT) structure isn't just about reducing the building's environmental footprint. It also forms the foundation of a broader wellness strategy, influencing everything from indoor air quality and natural materials to the way residents move through and experience the building.

The 115-apartment mixed-use development, designed by Melbourne-based architecture practice Fieldwork, will occupy a prominent island site opposite Bowden Village Reserve, combining one, two and three-bedroom apartments with retail and a dedicated wellness destination.

[smartcode_project:default project_id=152022 project_image_fid=375528]

Wellness isn't confined to a gym or shared resident facility at Flowe. Instead, Fieldwork embedded the concept into the building itself.

The development has been split into two residential wings connected by a naturally ventilated central breezeway, replacing traditional enclosed corridors with open-air walkways that improve natural light, encourage cross ventilation and create more opportunities for neighbourly interaction.

"Rather than treating wellness as something that only happens on the ground floor, our response integrates it throughout the building, which led us to ask what it really means to design a healthy building," Fieldwork Director Quino Holland said.

[smartcode_project:default project_id=152022 project_image_fid=375531]

The building's architecture also reflects Bowden's industrial heritage. The lower podium references the area's historic brick and sandstone buildings, while the upper levels transition to exposed CLT, allowing the timber structure to become a defining feature throughout the apartments and shared spaces.

The use of mass timber sits alongside a range of sustainability initiatives, including a fully electric, gas-free design, rooftop solar and a targeted 5 Star Green Star rating.

[smartcode_project:default project_id=152022 project_image_fid=375524]

Inside the residences, the focus remains on natural, durable materials. Blackbutt engineered timber flooring, exposed CLT ceilings, porcelain surfaces and warm timber joinery create a calming interior palette, while low-VOC finishes and responsibly sourced materials have been selected to improve indoor air quality.

Kitchens have been designed as the centrepiece of each apartment, featuring porcelain island benchtops, timber-look cabinetry and brushed steel tapware, with layouts that maximise natural light and ventilation.

[smartcode_project:default project_id=152022 project_image_fid=375530]

The more traditional interpretation of wellness comes in the form of Level Eleven, a two-storey wellness club spanning the ground floor, mezzanine and first floor.

The facility will include a gym, yoga and reformer Pilates studios, Finnish and infrared saunas, magnesium hot and cold plunge pools, and dedicated recovery spaces. Unlike many residential wellness facilities, Level Eleven will also operate commercially, allowing the broader Bowden community to access the venue while giving residents exclusive membership benefits.

The ground floor has also been designed around everyday living. A café overlooking Bowden Village Reserve will activate the street frontage, while a bike workshop with tool storage, co-working space and dog wash has been incorporated to support daily routines and encourage interaction between residents.

"Flowe brings together my two biggest passions, creating places and creating healthier lives," Otello founder Daniel Harris said.

"We wanted to create something Adelaide hasn't seen before, a genuinely healthy building, where the way you live is lifted without even trying."

Flowe is positioned directly opposite Bowden Village Reserve and within walking distance of Bowden Railway Station and the Adelaide Entertainment Centre, placing future residents just minutes from the Adelaide CBD while remaining connected to one of the city's most established urban renewal precincts.

[smartcode_project_cta:default project_id=152022]

Otello launches wellness-focused Flowe Bowden with Adelaide-first mass timber apartment design

Not all apartment amenities are immediately visible.

Swimming pools, gyms, rooftop terraces and residents' lounges have long featured on buyers' wishlists, but as the way Australians live has changed, so too have the features that make apartment living more convenient.

Increasingly, buyers are placing value on the practical aspects of day-to-day life. Fast internet, EV charging, secure bike storage, flexible workspaces and parcel management are becoming just as relevant as lifestyle amenities, reflecting changing habits and expectations.

Online shopping has been one of the biggest drivers of that shift.

Australians spent a record $82.6 billion shopping online in 2025, with almost one in every four retail dollars now spent digitally, making parcel deliveries a routine part of everyday life rather than an occasional convenience.

For apartment residents, however, receiving those deliveries isn't always straightforward.

Without someone home to accept a parcel, deliveries can be redirected to a nearby Post Office, left in building foyers or common areas, or require building management to temporarily store packages. As apartment living continues to grow across Australia's cities, parcel management has become an increasingly important consideration for both residents and developers.

Australia Post's Parcel Locker network is one response to that shift.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/KPZ9j5FRdsQ?si=Qztc1dNP3ZvEIUhb" title="YouTube video player" width="560"></iframe>

Rather than relying on home delivery, eligible parcels can be directed to a nominated Parcel Locker, where they're securely stored until collected. Once a parcel arrives, residents receive a notification through the AusPost app or SMS and can retrieve it using a one-time code or QR code at a time that suits them.

The network has expanded to more than 1,500 locations nationwide, with Parcel Lockers positioned at Post Offices, shopping centres, supermarkets, transport hubs and, increasingly, within or alongside residential developments.

That growing presence reflects a broader change in how apartment buildings are being planned.

Developers are increasingly considering the operational side of apartment living alongside traditional lifestyle amenities. Just as secure mailrooms, bicycle storage and EV charging have become more common inclusions, parcel management is emerging as another feature that supports everyday convenience.

It also helps preserve the arrival experience within a building. Carefully designed lobbies and communal spaces can quickly become cluttered when deliveries accumulate, while secure parcel solutions reduce the likelihood of missed deliveries or parcels being left unattended.

For buyers comparing apartments, these everyday details are becoming part of the decision-making process.

Location, floorplans and finishes remain fundamental, but the features that simplify daily life are carrying greater weight than they once did. As online shopping continues to shape consumer behaviour, secure parcel delivery is increasingly becoming another amenity worth looking for.

Parcel delivery is joining the apartment amenity checklist

Inca Property Group has lodged a State Significant Development Application (SSDA) for Dawn, a 53-apartment oceanfront development overlooking Mona Vale Beach.

The proposal, at 35-39 Darley Street East, would replace an existing 18-apartment strata building with a new owner-occupier-focused development comprising 53 two and three-bedroom apartments, including nine affordable built-to-rent residences delivered under the State's infill affordable housing scheme.

Positioned on a 2,679 sqm elevated site around 280 metres from Mona Vale Beach, the development has been designed to maximise panoramic ocean views while responding to the site's sloping topography.

<a href="https://www.apartments.com.au/developers/inca-property-group">Inca Property Group</a> Managing Director Josh Thompson said the State Significant pathway provided greater certainty for projects of this scale.

"This State Significant pathway gives the team real certainty to progress <a href="https://www.apartments.com.au/new-apartments/dawn-35-39-darley-street-east-mona-vale-nsw-2103">Dawn</a> through to completion," Thompson said.

"It allows us to acquire a one-off site, design it carefully and deliver the right offering for the suburb, assessed by the NSW Government's planning department."

The project is one of the first developments in the area to be assessed under the NSW Government's Low and Mid-Rise Housing policy, with the site sitting on the edge of the policy's designated inner area.

The proposal includes three basement levels providing 124 car spaces, alongside a range of resident amenities including a swimming pool, gym, sauna, wellness facilities and private plunge pools for selected ground-floor and penthouse apartments.

<img alt="Dawn" data-entity-type="file" data-entity-uuid="fc1a1daf-0ce4-4f12-9076-b1fa553c7a91" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-21%20at%208.42.11%E2%80%AFAM.png?VersionId=4GZ9h.gpNkTljbxyAET8Jfhv51XUamDm" />

Thompson said Dawn had been designed specifically for owner-occupiers and downsizers, a buyer profile that has driven demand across Inca's recent Upper North Shore developments.

"The majority of buyers in our recent North Shore projects have been downsizers, and we are learning exactly what this market is looking for. Beyond the location itself, we have included resort-style amenities to deliver a genuine lifestyle offering," Thompson said.

Located within walking distance of Mona Vale Beach, the town centre, Mona Vale Golf Club and the Royal Motor Yacht Club, Dawn represents Inca's first Northern Beaches project following the sell-out of Tara on Park in Waitara and Ellis Residences, currently under construction in St Ives.

Construction will be undertaken by Inca's in-house construction arm, GOP Constructions.

Dawn is the latest major apartment proposal for Mona Vale, with the suburb emerging as one of the key beneficiaries of the NSW Government's new Low and Mid-Rise Housing policy.

New developer One Living, led by industry veteran Joseph Scuderi, recently secured a site on Mona Vale Road, on the border of Mona Vale and Pymble, where it is planning around 140 apartments.

IPM is also planning its third project in Mona Vale, significantly increasing the scale of its previous developments with an 82-apartment proposal at <a href="https://www.apartments.com.au/new-apartments/159-167-darley-street-west-mona-vale-nsw-2103">159-167 Darley Street West</a>, opposite Bayview Golf Course and less than 800 metres from Mona Vale town centre.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/one-living-enters-sydneys-new-apartment-market-with-northern-beaches-site-acquisition">One Living enters Sydney's new apartment market with Northern Beaches site acquisition</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-ipm-plans-third-mona-vale-project">First look: IPM plans third Mona Vale project</a>

First look: Inca eyes Mona Vale with State Significant DA for Dawn apartments

Emission Reduction

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EXPERT OBSERVER
Corporate Australia is taking action on climate change. Most recently, at the UN Climate Summit, Atlassian cofounder Michael Cannon-Brookes announced the A$26 billion Australian software company’s commitment to <a href="https://www.forbes.com/sites/daviddawkins/2019/09/23/atlassian-billionaire-presses-united-nations-on-net-zero-emissions-pledge/#6fdba03d96b5" target="_blank">net zero emissions by 2050</a>.
Net zero pledges like this are becoming more common but currently there is no way to really track momentum towards net zero emissions across different sectors of the economy.
Now, a <a href="https://www.climateworksaustralia.org/net-zero-momentum-tracker" target="_blank">Net Zero Momentum Tracker</a> initiative has been established by ClimateWorks Australia and the Monash Sustainable Development Institute to track emissions reduction commitments made by major Australian companies and organisations, as well as state and local governments.
The tracker aims to place all commitments to net zero emissions in Australia in one place and evaluate how well they align with the Paris climate goals.
<h2>Property sector tracking towards net zero emissions</h2>
We began by assessing Australia’s property sector. Last week we released a <a href="https://www.climateworksaustralia.org/publication/report/net-zero-momentum-tracker-property-sector-report" target="_blank">report</a> examining all property companies listed in the ASX 200, plus all of those required to <a href="/news">report their emissions</a> under the National Greenhouse and Energy Reporting Act.
Among the companies we looked at are Dexus, Mirvac, Stockland Corporation, GPT Group, and Lendlease. They develop, own or manage some of Australia’s largest corporate offices, commercial properties, retail centres, retirement villages, and residential developments.
The report found almost half – 43% – of Australia’s largest listed property companies have made commitments that closely align with the Paris Climate Agreement, aiming to achieve net zero greenhouse emissions before 2050 for their owned and managed assets.
Significantly, the six companies with the most ambitious net zero targets represent 36% of the ASX 200 property sector. Among these six, several major companies – Dexus, Mirvac, GPT Group, and Vicinity – are aiming for net zero emissions by 2030, demonstrating the business case for strong climate action.
<h2>Sector leaders can inspire copycat action</h2>
By highlighting what action organisations are taking and how, the Net Zero Momentum Tracker initiative aims to encourage more organisations to make and strengthen commitments to reduce their emissions, in line with the goal of net zero emissions by 2050.
For example, Australia’s largest owner and manager of office property, Dexus, has a comprehensive strategy for reaching its goal of net zero emissions across the group’s managed property portfolio. This includes reducing energy use, shifting to renewable electricity, electrifying their buildings, and reducing their non-energy emissions from waste, waste water and air conditioning.
Of particular significance is Mirvac’s pledge to be “net positive” by 2030. This means the company aims to go beyond net zero, reducing emissions by more than its operations emit. Mirvac has established an energy company to install rooftop solar on their commercial buildings and is selling power to occupants, among other initiatives. The company also has a “house with no bills” pilot project, to explore how their upstream indirect emissions can be minimised for residential developments.
Another major company, the GPT Group, has extended its commitment beyond the assets it owns and manages to all buildings it has an ownership interest in, including buildings it co-owns or does not manage.
These companies will get multiple benefits from their action, including reduced operating costs, better health and productivity for occupants, and increased sales prices, rents and occupancy rates.
<h2>Need to accelerate action</h2>
While many property companies are tracking in the right direction, none of the companies we considered had net zero targets which comprehensively covered all of their emissions – such as those from co-owned assets, their supply chains and investments.
There is still significant opportunity for property companies to strengthen their commitments towards net zero emissions. This requires targets which address the full scope of direct and indirect emissions within each company’s influence, supported by detailed plans to achieve this.
By making these public commitments to reduce emissions, the property sector is helping build momentum towards achieving this goal across the entire Australian economy.
The next assessments to be undertaken by the Net Zero Momentum Tracker initiative include the banking sector and state and local governments.<img src="https://counter.theconversation.com/content/124264/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
<a href="https://theconversation.com/profiles/amandine-denis-99925" target="_blank">Amandine Denis</a>, Head of Research, ClimateWorks Australia, <a href="http://theconversation.com/institutions/monash-university-1065" target="_blank">Monash University</a>
This article is republished from <a href="http://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/australias-biggest-property-companies-are-making-net-zero-emissions-pledges-now-we-can-track-them-124264" target="_blank">original article</a>.
Main picture source: AAP Image/James Ross
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j.ballantyne1990-6AQqhLzZaK

Australia's biggest property companies are making net-zero emissions pledges – now we can track them

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Investa Office Management (Investa) will pursue a net zero emissions target by 2040 across its $10 billion office portfolio and business operations.
It was part of its comprehensive carbon strategy launched this week.
As the first Australian property company to announce a Science Based Target, Investa aims to maintain its leadership position by tracking its performance against this globally recognised framework.
The Science Based Target initiative is a robust, globally recognised framework referencing the climate science requiring the world to limit global warming to 2 degrees above pre industrial levels.
This is in line with the 2015 Paris Agreement.
Nina James, general manager for corporate sustainability at Investa said Investa’s carbon reduction strategy charts a course to a net zero emissions profile by 2040.
"The strategy was formed via extensive collaboration with industry experts and staff and outlines Investa’s roadmap to achieving the target.”
Sighting global capital decarbonisation movements and an increasingly environmentally aware investment community, Investa has endorsed the ambitious plan to reduce emissions across the portfolio.
It references the influential Australian Sustainable Built Environment Council’s report, “Low Carbon, High Performance”, which advocates that the Australian property industry can achieve a net zero position by 2050 using current technologies.
"Having achieved a 56% reduction in emissions intensity since 2004, this Science Based Target will ensure we maintain our leadership position and set the pace for a low carbon future in office management," James said.
As part of the strategy, Investa is taking responsibility for its corporate value chain emissions (Scopes 1, 2 and 3), working towards a ‘whole-of-building-whole-of-life’ approach, that will see the progressive expansion of the net-zero target boundary in line with the Science Based Target review process.
Electricity and gas within Investa properties accounts for 99.6% of the greenhouse gas emissions across the Investa managed properties.
A net zero-carbon future will therefore address the carbon impact of Investa’s buildings in three key areas;
1. How the building is operated – Continual improvement in the operational performance of Investa’s buildings;
2. How the building is designed and constructed – With a focus on changing the building envelope to deliver further energy and emissions savings; and
3. How the building is powered – Sourcing zero-carbon options for residual power requirements.
The ‘whole-of-building-whole-of-life’ approach also includes measures relating to tenants, embodied carbon and occupant well-being within the performance management and reporting boundary, providing a holistic picture of performance.
"By pursuing these emission reduction actions, we believe we can change the conversation to include whole of building thinking, resulting in a change in the criteria by which leading performance is measured and showing the real benefits of Investa’s approach to upgrading and re- positioning existing buildings," James said.
Investa CEO Jonathan Callaghan said to continue to attract investment, Investa must position itself not only as a viable, but responsible investment option.
"A leader in this space, able to demonstrate a clear point of difference and capability in this sector."
"Sustainability leadership will help ensure we maintain access to shifting global capital flows, grow asset revenues, valuations and returns for current investors and support Investa’s overarching vision to be the clear market leader in Australian office.”
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Investa to target zero net emissions by 2040

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<img src="https://counter.theconversation.edu.au/content/64052/count.gif" alt="The Conversation" width="1" height="1"> GUEST OBSERVER
Energy upgrades in Australia’s buildings could deliver a quarter of Australia’s 2030 emissions reduction target. Improving energy performance through improved building design, heating and cooling systems, lighting and other equipment and appliances could also deliver more than half of our National Energy Productivity Target.
Progress has been slow, however, and our research shows that delay leads to lost opportunities and billions in wasted energy costs.
The new federal environment and energy minister, Josh Frydenberg, has an opportunity here to demonstrate the potential of his new merged role. Today in Canberra, Australia’s energy ministers are meeting for the first time since the election through the COAG Energy Council.
One item on the agenda will be the National Energy Productivity Plan (NEPP). It aims to improve energy productivity 40% by 2030. This involves increasing the economic value produced from each unit of energy consumed.
The NEPP contains a number of good measures relating to buildings. However, without stronger governance arrangements, more transparency and stronger and clearer public communication and engagement, there is a risk that these policy measures will simply slip between the cracks of multiple agencies, portfolios and jurisdictions in the building sector.
<h2>What can better buildings achieve?</h2>
Our research found buildings could help meet our climate and energy goals, as you can see in the charts below.
We found that improving energy efficiency in buildings could deliver 10% of our emissions target. Distributed energy (primarily rooftop solar) could achieve an extra 18 percent.
<a href="/images/2016/08/19/image-20160817-3592-1liiikj.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/08/19/image-20160817-3592-1liiikj.png" alt="">
<h4>
Potential contribution of built environment opportunities to 2030 national emissions target (MtCO2e) ClimateWorks Australia, May 2016
</h4>
The energy efficiency improvements could reduce energy use by 202 petajoules, or half of what would be needed to achieve the energy productivity target.
<a href="/images/2016/08/19/image-20160818-2498-ff9x64.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/08/19/image-20160818-2498-ff9x64.png" alt="">
<h4>
Potential contribution of built environment energy efficiency opportunities to 2030 National Energy Productivity Target (PJ)ClimateWorks Australia, May 2016
</h4>
<h2>The cost of delay</h2>
Despite the massive opportunity to reduce emissions from the building sector, overall progress to date has been slow.
Market leaders, particularly in the commercial office market, have achieved a radical change in their energy productivity and are recognised as global leaders in sustainable buildings. There are many examples of very high-performing or net-zero-emission buildings around Australia.
However, the market as a whole has improved its energy performance only 2% over the past decade for commercial buildings, and 5% for residential buildings. We are not currently on track.
Our report found that continuing to delay action to reduce emissions from buildings means we would lose a substantial amount of cost-effective options to improve energy performance. Many emissions reduction opportunities exist only for a certain period of time. For example, installing inefficient equipment instead of more efficient options effectively locks in excessive emissions for many decades into the future.
Just five years of delay could lead to A$24 billion in wasted energy costs and more than 170 million tonnes of lost emissions reductions by 2050. This is a very substantial loss, considering the current national emissions target aims to reduce emissions by 272 million tonnes by 2030.
Without additional action buildings would eventually consume more than half of Australia’s “carbon budget” by 2050. That would leave less than half for all other sectors of the economy, including emissions-intensive industries, transport, land and agriculture.
<h4><a href="/images/2016/08/19/image-20160817-3569-1mhmozw.png" target="_blank">Click to enlarge</a></h4>
<img src="/images/2016/08/19/image-20160817-3569-1mhmozw.png" alt="">
<h4>
Cost of delay (MtCO2e) ClimateWorks Australia, May 2016
</h4>
<h2>Stronger policy</h2>
To realise the emissions reduction potential in the building sector, strong policy will be required to tackle the barriers to better energy performance for buildings. Our report recommended five key solutions as part of an integrated policy suite.
First, develop a national plan to co-ordinate policy and emissions-reductions measures to extend gains made by market leaders across the entire building sector.
Second, introduce mandatory minimum standards for buildings, equipment and appliances aligned with the long-term goal of net zero emissions.
Third, develop incentives and programs to motivate and support higher energy performance in the short to medium term.
Fourth, reform the energy market to ensure it supports cost-effective energy efficiency and distributed energy.
Finally, we need a range of supporting data, information, training and education measures to enable informed consumer choice and support innovation, commercialisation and deployment of new technologies and business models.
Implementing these policy measures would set Australia on a pathway to zero-carbon buildings and unlock the large potential for buildings to deliver improved health outcomes and more liveable and productive cities.
<h2>Unblocking barriers</h2>
Unfortunately, the opportunity to reduce emissions from buildings is blocked by strong barriers that require co-ordination between the Commonwealth, states and territories.
To address the complexity of this task, the NEPP needs stronger governance arrangements, including a specified target or targets for buildings, to complement the overall 40% NEPP target, and more regular public reporting (there is no public review until 2020).
Stronger and clearer communication and engagement around the target and buildings’ energy performance within it would also help provide confidence and drive innovation and activity among households and businesses.
In addition, we need better co-ordination between the members of the Energy Council, and between the council and other government forums and agencies.
For example, the National Construction Code, which regulates minimum standards for new buildings and major refurbishments, is a critical policy lever. However, the code is overseen by the Building Ministers Forum, not the Energy Council, while a range of different state and territory bodies oversee enforcement of the standards.
There are similar issues around harmonising of different energy performance ratings across jurisdictions, co-ordinating training and accreditation of professionals throughout the building design and construction sector, and energy market reform to establish a level playing field for energy efficiency and decentralised renewable energy.
Co-ordination of these issues should be a major focus for the Energy Council. The new minister for environment and energy – as the minister responsible for delivering on both our national emissions reduction targets and on the productivity plan – is now in a unique position to lead these efforts. We encourage the COAG Energy Council to support him in this.
Eli Court is implementation manager, Climateworks Australia, Monash University and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/eli-court-181595" target="_blank">here</a>.
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