More “green building” is one of the proposed rules in the Auckland draft unitary plan.
A new building 5000sq m or greater that is used 80% or more as an office must be designed and constructed to a minimum five-star level from the New Zealand Green Building Council Green Star Office Tool (2009).
The rule does not apply to extensions and alterations, or converting an existing building to office use.
If the building does not meet these requirements, the plan provides a set of ranked criteria for alternative assessment.
Colliers researchers suggest that this may see an increase in asking rents for tenants, developments just below the 5000sq m threshold and/or deferment of land value growth as the increased costs are possibly factored in by reduced land prices.
“However, if green buildings continue to outperform in an investment sense, the benefit of the five-star rating might be reflected in a tighter yield,” Colliers says.
Earlier this year developers told NZPI (February 5) costs associated with gaining green star ratings can be prohibitive.
ASB Bank head of property Derek Shortt told NZPI educated occupiers who focus on sustainability do not care about green star ratings.
This article is tagged with the following keywords. Find out more about MyNBR Tags
Most listened to
- Freightways' Dean Bracewell on potential acquisitions and growth
- Simpson Grierson’s Earl Gray says Brooks will probably appeal a controversial trade mark case
- ‘Clearly there’s a lot of public opposition’ – Horizon Research releases StuffMe merger survey results
- Maori party president Tukoroirangi Morgan on the agreement reached by the Maori and Mana parties
- Craigs' Mark Lister on Spark's results, Ebos, Port of Tauranga and Tegel