Sydney green scheme to attract commercial property investors?
Sydney could be set to become a property hotspot for sustainable-minded developers as the city ...
Sydney could be set to become a property hotspot for sustainable-minded developers as the city ramps up its green building initiatives.
The City of Sydney unveiled its plans to increase the CBD's tree canopy by 50 per cent over the next 17 years - a scheme that is expected to add value to commercial property in the Harbour City.
Lord mayor Clover Moore said sustainable projects such as this not only beautify the city, but also improve air, water and soil quality - making the region a more pleasant place to visit and work as a result.
"Trees humanise the space as well as shading pedestrians, screening unwanted views and reducing glare," Ms Moore remarked.
"They also contribute to the local economy by increasing the attractiveness of shopping and dining precincts, reducing the urban heat island effect and attracting higher rents and sale values to residential areas."
The new initiative may attract the interest of those looking for commercial office property investments in Sydney, with it potentially adding value to the CBD's real estate.
With an estimated 81,000 trees in the City of Sydney area currently, the Urban Forest Strategy will double that number by 2030 - equating to a canopy cover of more than 23 per cent.