By Nick Stokoe
If you own or manage an office building in Australia, you may be affected by upcoming changes to the Commercial Building Disclosure (CBD) legislative program which come into force 1 July 2017.
From 1 July, the mandatory disclosure threshold will be lowered from 2,000m² to 1,000m². The effect of this change is an obligation to disclose information on the energy efficiency of smaller office buildings when they are advertised for sale or when space within them is offered for lease. So, for those property owners considering selling an office buildings of greater than 1,000m² or for landlords with commercial office space potentially up for lease of greater than 1,000m² now is the time to ensure you obtain a Building Energy Efficiency Certificate (BEEC). A BEEC includes a National Australian Built Environment Rating System (NABERS) Energy rating for the premises as well as a Tenancy Lighting Assessment (TLA) and can only be provided by a CBD Accredited Assessor. Once you have a BEEC, all you need to do to comply with the legislation is be sure to include the NABERS Energy rating result in all advertising material and provide a copy of the BEEC as part of the sale or lease documentation.
So, is this an opportunity or a threat? Well, there is no way of getting around it so why not embrace it as an opportunity and get ahead of the pack! Investing in energy efficiency and improving energy productivity reduces operating costs, enhances credentials for environmental reporting and will attract key tenants (most government tenants require a minimum 4.5 star NABERS Energy rating). The CBD program to date has created a shift in the market to more efficient buildings, don’t be a laggard and start planning now!
Cundall’s Building Performance Services (BPS) team has vast experience in assisting building owners and lessors to improve the energy efficiency of their existing assets in a cost-effective manner, we also have a team of CBD Accredited Assessors and NABERS Assessors who can ensure you meet your CBD obligations and understand where opportunities for improvement exist.
If you are looking to lease or sell a property shortly and would like to discuss your options please do not hesitate to have a chat with us.
For more information on the CBD Program, please see here.