Szencorp to Make Camberwell Office Building Green

The 1600 square metre, largely vacant building was sold off-market by a syndicate of private investors, for a price speculated to be around $6 million. It paid $3.6 million for the then-tenanted asset seven years ago.

The Szencorp Group, a conglomerate of several green-focussed private companies, attracted international attention two years ago when it successfully, and cost effectively, refurbished an existing B-grade office building at 40 Albert Road into one of the greenest buildings in the country. It was the first renovated building in Australia to receive a six Green Star rating.

Szencorp managing director Peter Szental says it hopes to replicate the six-star philosophy used in Albert Road, for its latest venture in Camberwell.

He said his company is actively looking for more office buildings in the city and suburbs, and is keen to prove sustainable refurbishment can be carried out successfully.

Colliers International eastern office chief executive director Rob Joyes says there is strong demand from tenants to occupy buildings with green credentials.

“Tenants are prepared to pay a rental premium to be in buildings with a small ecological footprint,” Mr Joyes said. “They realise green buildings use key resources like energy and water more efficiently, which makes them cheaper to run in the future.”

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.

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