Kiwi Property’s leading mixed-use precinct, Sylvia Park, has become the first shopping centre in New Zealand to participate in a pilot project for a NABERS energy efficiency rating. Signalling its market-leading ESG credentials, the property received an indicative 6 star NABERS Energy Shopping Centre rating – the highest score available.
With no environmental certification currently available specifically for existing shopping centres in New Zealand*, Kiwi Property turned to the National Australian Built Environment Rating System (NABERS) to undertake the assessment as a pilot project. NABERS is widely recognised as the benchmark for sustainability performance amongst property companies in Australia.
Linda Trainer, GM Asset Management, Kiwi Property, said the company’s decision to seek out a NABERS rating reflected its focus on energy efficiency and commitment to driving New Zealand’s property sector forward.
“This is a tangible example of our ambition to become net carbon negative in our operations by 2030. We’re proud to lead the pilot project initiative and be the first in the country to undertake assessment under this programme. We want to be a champion for sustainability in our industry as we collectively strive to tackle climate change.”
Sylvia Park, has become the first shopping centre in New Zealand to participate in a pilot project for a NABERS energy efficiency rating
New Zealand Green Building Council (NZGBC) spokesperson, Bobby Shen, the manager who looks after existing building rating tools including NABERSNZ said: “The NABERS energy rating pilot has been a huge success and we are in full support of making this measurement available in New Zealand. We are seeing tremendous interest in building owners verifying their building performance throughout Aotearoa. Other shopping centres are keen to follow Kiwi Property’s lead and seek similar certification, helping to shift the sector towards a greener future.”
The indicative 6 star NABERS pilot energy rating awarded to Sylvia Park reflects a ‘market-leading’ building, with sustainable building operations and excellent energy efficiency.
Sylvia Park is powered by an impressive rooftop solar panel array. Covering an area of close to a hectare – about the size of a rugby field – the array consists of some 1,134 panels that can generate enough clean and green electricity annually to power the average household for more than 200 years or charge over 60,000 electric vehicles.
Sara Levett, Head of Market Transformation at NABERS said, “Buildings are responsible for 40% of the energy consumed worldwide and the resulting impact on the climate. There are over 150 active shopping centres in New Zealand, showcasing the opportunity for trusted benchmarking. It’s been great to take part in this pilot project with Kiwi Property.”
Kiwi Property will continue to work with NZGBC to explore the opportunity for the tool to be introduced officially to the New Zealand market.
Sylvia Park is powered by an impressive rooftop solar panel array
Last month, Kiwi Property released its interim results for the six months ended 30 September 2023, announcing a robust asset performance and further momentum on its portfolio transformation programme, despite economic headwinds.
Sales across Kiwi Property’s mixed-use and retail assets rose to a record $2.1 billion in the preceding 12 months (+14.9%), while total customer visits increased 20% to 36.6 million. Rental growth also increased, with Kiwi Property delivering a 4.5% total uplift on new mixed-use leases and rent reviews.
Chief Executive Officer, Clive Mackenzie, said: “While high interest rates and the mounting cost of living have caused a dent in consumer confidence, Kiwi Property’s mixed-use centres continue to go from strength to strength, recording strong sales and rental uplift. Our ability to drive rents in the current economic environment is a testament to the performance and productivity of our assets.”
Work on Kiwi Property’s build-to-rent (BTR) development, Resido, is on track to open at Sylvia Park from May 2024. Strong inbound migration, high borrowing costs and a decline in building consents are expected to promote demand for rental accommodation, accelerating growth in the BTR sector.
“As always, we’re committed to maintaining a robust balance sheet and will continue to take steps to put the company in an even more resilient financial position. The successful delivery of our Resido and Drury developments remain a priority as we work towards executing our transformation into a creator of retail-led mixed-use communities,” said Mackenzie.
* NABERSNZ™ is a tool to rate and improve the energy efficiency of New Zealand’s office buildings. There is currently no energy efficiency certification available for existing shopping centres in New Zealand.
