Yes, I know it is rather confusing. But this is merely an acronym for the … National Australian Built Environment Rating System.
This rating system currently covers Offices, Homes, Hotels and Retail Centres — although the actual criteria do vary between the different types of buildings.
For Offices, they include aspects like … Energy, Water, Waste and the Indoor Environment. Whereas for Hotels, Retail Centres and Homes … it is only Energy and Water efficiency, which is rated.
Since November 2010, owners of Commercial Offices have been required to disclose their building’s NABERS rating — whenever they sell (or lease) any space larger than 2,000 square metres.
Their NABERS rating needs to be displayed in all advertisements; and appropriate documentation is to be available upon request.
Some Exemptions are available
The common exemptions would include …
- Mixed-use buildings with less than 75% Office space;
- Buildings constructed or renovated within the past two years;
- Lease deals for periods less than 12 months;
- Strata-titled property ownership; or
- Sale of a partial interest in a property.
Bottom Line: The penalties for non-compliance can be up to $110,000 for the first day; and then $11,000 for each further day of non-compliance.
However, it does provide you with a great opportunity to capture a strategic advantage … if your building holds the highest possible rating — given its age and condition.
Therefore, this system is important to ensure your property manager is fully ‘up to speed’ on all the various requirements. And if you would like to study any of this in more detail, simply go to the government’s website.