Property sale highlights the value of green refurbishment

Local Government Super (LGS) has announced the sale of SKM House in St Leonards to Altis Property Partners Group for $42 million. The property was the recipient of a substantial grant from the Green Building Fund, which transformed the building under LGS’s ownership into a leading example of sustainable property.

Located at 100 Christie Street in St Leonards, SKM House boasts a 6 star NABERS rating using 100% green power (4.5 star NABERS rating without the use of green power). It comprises some 10,000 m² of office and retail space and parking for 74 cars. Built in the late 1980s, the building is 100% tenanted, with Sinclair Knight Merz occupying the majority of the floor space until 2016.

According to LGS CEO Peter Lambert, SKM House demonstrated how investment in sustainable, environmentally friendly property could deliver great returns for superannuation fund members.

“Local Government Super is proud of what of we have achieved, both in terms of sustainable building performance and the solid returns it has delivered for our members,” he said. “As the recipient of funding from the federal government’s Green Building Fund, we undertook extensive capital works to achieve the highest level of environmental performance, which in turn has added significant value.

“We remain committed to property investment, as evidenced by our award-winning direct property portfolio and outstanding sustainability performance.”

More information on LGS’s property portfolio and its environmental performance can be found at www.lgsuper.com.au/investments/properties/property.asp.