Sydney green initiatives to drive investment
Sydney is set to become the nation's most environmentally friendly city as a $4.3 million ...
Sydney is set to become the nation's most environmentally friendly city as a $4.3 million renewable energy project kicks off - potentially attracting more green commercial property investment into the CBD.
City of Sydney lord mayor Clover Moore announced on October 26 that Sydney Park pavilion will be the first of 30 sites in the Harbour City to have solar photovoltaic panels installed as part of the multimillion-dollar project which will be the largest building-mounted solar panel program in the country.
"We are committed to tackling climate change and driving down carbon pollution," Ms Moore explained.
"The city has one of the most ambitious targets of any government in Australia - a 70 per cent reduction in pollution and 30 per cent of electricity from renewable sources by 2030."
As the City of Sydney ramps up its environmental initiatives, those looking for an eco friendly commercial property investment may be attracted to Sydney.
The Property Council of Australia (PCA) and Investment Property Databank (IPD) Australia Quarterly Green Property Index revealed that green star rated buildings in Sydney and Melbourne deliver higher returns than other properties.
In the financial year to June, capital growth drove stronger investment returns in green star rated buildings, with sustainable buildings in Sydney outperforming the market by 280 basis points.