Sustainability ratings

We use recognised national frameworks such as the Green Star Performance Rating tool and the National Australian Built Environment Rating System (NABERS) to benchmark our operational performance and drive continuous improvement outcomes across our asset portfolio.

These rating tools help us identify areas for improvement and opportunities to implement best practice initiatives, resulting in positive outcomes for our building users, including our consumers, retailers and their staff, contractors and our people.

Vicinity’s is the highest and largest Green Star Performance rated retail portfolio in Australia, achieving a 4 Star Green Star Performance Portfolio rating in June 2019.

We also increased our NABERS Energy and Water assessments to cover over 100 per cent* of our rateable portfolio.**

*Based on Vicinity's ownership interest as at 31 December 2019. NABERS Energy and Water ratings are as at 30 September 2020, all assets were submitted for assessment prior to 30 June 2020. Includes 100% of rateable area.

**Retail assets with a GLA of 15,000 sqm or above, which meets the minimum threshold for an accurate NABERS Rating.

 

Vicinity Centres portfolio sustainability performance ratings

Framework FY16 FY17 FY18 FY194 FY20
Green Star Performance¹ 2 Stars 
Average Practice 
Coverage: 100%
3 Stars 
Good Practice 
Coverage: 100%
3 Stars 
Good Practice 
Coverage: 100%
4 Stars 
Australian Best Practice 
Coverage: 100%
4 Stars 
Australian Best Practice 
Coverage: 100%
NABERS Energy²,³, 3.4 Stars 
Coverage: 56%
3.7 Stars 
Coverage: 44%
3.6 Stars 
Coverage: 85%
3.8 Stars 
Coverage: 76%
4.6 Stars 
Coverage:100%*
NABERS Water²,³ 2.9 Stars 
Coverage: 50%
3.2 Stars 
Coverage: 44%
3.1 Stars 
Coverage: 82%

3.3 Stars 
Coverage: 76%

3.4 Stars 
Coverage: 100%*

Notes:

  1. The Green Star Performance rating covers Vicinity’s assets under management as at 30 June 2020.
  2. Coverage of NABERS Ratings are based on equity share.
  3. NABERS portfolio average includes centres with current accredited ratings at as at 31 December 2019.
  4. For asset level sustainability ratings, go to our FY20 Performance Pack.

* Based on Vicinity's ownership interest as at 31 December 2019. NABERS Energy and Water ratings are as at 30 September 2020, all assets were submitted for assessment prior to 30 June 2020. Includes 100% of rateable area.

Case study: Vicinity’s star shines greenest

In 2019, Vicinity achieved a 4 Star Green Star – Performance portfolio rating, both the highest and largest retail asset portfolio rating*

This achievement recognises our active focus on continual improvement, boosting our rating from 2 Stars just three years ago.

Vicinity uses the Green Star Performance tool, administered by the Green Building Council of Australia (GBCA) to measure the sustainability performance of our property portfolio. The Green Star Performance tool benchmarks buildings across a broad range of categories including energy, waste, water, management and innovation.

We obtained our first Green Star Performance Portfolio rating in June 2016, achieving 2 Stars - Average Practice.  We then lifted our portfolio rating to 3 Stars – Good Practice – in the next 12 months, by the end of June 2017.

In collaboration with our Operations team, we implemented a plan to improve our portfolio-wide performance, delivering value to our centres, communities and the environment. This included implementing best practice initiatives across areas such as energy, carbon, water and waste performance, as well as new initiatives that focus on achieving environmental efficiencies through our procurement processes and tenancy de-fit program.

* The Green Star Performance Portfolio Rating is valid for 3 years and renewed annually.

 

We are especially proud of the recognition gained for our Sustainability innovations including climate resilience and adaptation, social procurement, community investment and Indigenous reconciliation.

Vicinity also uses Green Star rating frameworks in other aspects of our business, including our development projects and our national office fit out. Click here to find out more.

Case study: Vicinity leading in NABERS

Vicinity is rated in the top 10 Shopping Centre Portfolio owners in the NABERS Sustainable portfolios Index 2020* and achieved the most NABERS rated shopping centres as well as the largest NABERS rated retail portfolio by floor size.

 

Vicinity has long used the NABERS shopping centre tool to assess our building energy and water performance. NABERS provides a specific and accurate framework to measure the energy and water efficiency of our retail assets, so we can benchmark and compare the performance of our buildings.

Our operations teams are passionate about driving environmental improvements across our portfolio, and use NABERS as a tool to measure their progress. Centre NABERS ratings are used to communicate our efforts in this space to retailers and customers, demonstrating each centre’s commitment to creating destinations that are sustainable.

In FY17, Vicinity had just over 40 per cent of our rateable retail assets assessed through NABERS. In 2019. NABERS expanded its Shopping Centre rating tool to allow for smaller shopping centres (>15,000 GLA) to be rated. This year, we made significant improvements in our coverage, with 100 per cent** of our rateable portfolio assessed with the NABERS Energy and Water tools, and obtaining first time ratings for 13 of our centres.

During the year, our average portfolio ratings have improved to a NABERS Energy Rating of 4.6 Stars (from 3.8 Stars in FY19) and NABERS Water Rating of 3.4 Stars (from 3.3 Stars in FY19). We believe that benchmarking our performance is the first step to driving improvements, and these assessments have identified a number of initiatives we can implement to further improve our building energy and water efficiencies in the future.

*The NABERS Sustainable Portfolio Ratings Index 2020 is based on all assets certified as at end December 2019.

** Based on Vicinity's ownership interest as at 31 December 2019. NABERS Energy and Water ratings are as at 30 September 2020, all assets were submitted for assessment prior to 30 June 2020. Includes 100% of rateable area.