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 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 remains the largest property portfolio in Australia to achieve a 3 Star Green Star Performance Portfolio rating, with a plan underway to lift our managed portfolio rating to 4 Stars by the end of FY19.

This year, we also increased our NABERS Energy and Water assessments to over 82% of our rateable portfolio.*

 

*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 FY15 FY16 FY17 FY184
Green Star Performance¹ Not rated 2 Stars 
Average Practice 
Coverage: 100%
3 Stars 
Good Practice 
Coverage: 100%
3 Stars 
Good Practice 
Coverage: 100%
NABERS Energy²,³ 3.2 Stars 
Coverage: 32%
3.4 Stars 
Coverage: 56%
3.7 Stars 
Coverage: 44%
3.6 Stars 
Coverage: 85%
NABERS Water²,³ 2.4 Stars 
Coverage: 28%
2.9 Stars 
Coverage: 50%
3.2 Stars 
Coverage: 44%
3.1 Stars 
Coverage: 82%

Notes:

  1. The Green Star Performance rating covers Vicinity’s assets under management as at end of performance period (April 2018). 
  2. Coverage of NABERS Ratings are based on equity share.
  3. NABERS portfolio average includes centres with current accredited ratings at as at 30 June 2018. Download the Portfolio NABERS Energy and Water Rating 2018 for the list of centres included in the average.
  4. For asset level sustainability ratings, download our FY18 Performance Pack here.

Case study: NABERS Ratings

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% of our rateable retail assets (>15,000 sqm GLA) assessed through NABERS, and made a public commitment to increase the coverage of assets with NABERS Energy and Water ratings to 80% by the end of FY18.

This year, we made significant improvements in our coverage, with 85% of our rateable portfolio assessed with the NABERS Energy tool and 82% with the NABERS Water tool. We obtained first time ratings for thirteen of our centres, and now have the highest number of assets to be rated with the NABERS Energy and Water shopping centres tool in Australia.

As a result of increasing our coverage, our average portfolio ratings, which include centres rated for the first time, declined slightly to a NABERS Energy Rating of 3.6 Stars (from 3.7 Stars in FY17) and NABERS Water Rating of 3.1 Stars (from 3.2 Stars in FY17). 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. 

Case study: What does Green Star mean for Vicinity?

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.

We obtained our first Green Star Performance Portfolio rating in June 2016, achieving 2 Stars - Average Practice.  We then made a public commitment in our 2016 Sustainability Report to lift 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 cleaning, heating, ventilation, and air-conditioning (HVAC) maintenance practices, fire water testing regimes and waste management. We also continued to improve our energy and water efficiency through our environmental improvement program.

In June 2017, we received a 3 Star Green Star Performance Portfolio rating (representing ‘Good Practice’), making us the largest property portfolio in Australia (in number of assets and total floor area) to achieve such a rating to date. 

Vicinity’s use of data and analytics to enhance and optimise building performance was recognised through the innovation category of the tool as industry best practice as part of this assessment.

Following our 3 Star Green Star Performance Portfolio rating, we developed a roadmap and implementation plan, currently underway, to lift our portfolio performance rating to 4 Stars – reflecting Australian Best Practice – by the end of FY19.

The plan includes both portfolio-wide and individual centre-level initiatives that focus on driving further improvements in our 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, our first Reconciliation Action Plan and our community investment program.

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