Quintessential Equity has completed an $8 million refurbishment of its CBD office building in Adelaide which puts sustainability and wellbeing at its core.
The building, located at 431 King William St, is expected to ‘far exceed’ the goal of 4.5 NABERS Stars, having just undergone extensive engineering upgrades targeting energy consumption, air quality and waste management.
Now complete, it is anticipated that the building will achieve a net reduction of over 400 tonnes of greenhouse gas emissions per annum – the equivalent of removing 181 cars from the road each year.
Quintessential Equity’s general manager of asset management Noah Warren said ensuring the building runs efficiently and delivers sustainable outcomes was crucial to protecting the building’s longevity.
“We wanted to transform this highly visible building from an unloved and out of date asset to one that offered a sustainable and modern outcome. By making a significant investment, we believe this iconic tower will set a benchmark of what can be achieved in terms of sustainable workplace design and engineering,” said Warren.
“To make office buildings viable and attractive in the long term, we need to guarantee that it serves the needs of its occupants and the environment, which in turn improves returns for our investors – it’s about delivering a benefit for the triple bottom line.”
Adelaide-based engineers Lucid Consulting Australia said 431 King William Street is an example of what can be done with older buildings to make them environmentally relevant and meet the requirements of today and the future.
“By regenerating the original infrastructure and technology we’ve been able to create a modern office space that puts tenant wellbeing and productivity at the centre,” says Adam Greaves, director at Lucid Consulting Australia.
“There is a lot of embodied energy costs in developing new buildings. By making these improvements to an existing building we are able to deliver a more sustainable outcome,” adds Warren.
Warren predicts there will be a renewed focus on healthy buildings in the wake of COVID-19.
“Healthy buildings are really going to be at the fore of the post-COVID world as tenants are going to need to feel safe and comfortable at the office. As landlords we need to lead the way,” he said.
The recently completed refurbishment was the first major upgrade in the building’s 30-year lifetime. Upgrades include a new ground floor and on-floor lobbies, state of the art end-of-trip facilities, renewed boiler and air conditioning systems and updated painting to the façade.
The asset was purchased by Quintessential Equity in 2018 for $43.1 million from property billionaire Con Makris on a 10.5 per cent yield. It was the first asset in Quintessential Equity’s $112 million blind Master Fund which was raised that same year.