Leading property development and asset management group Salta has secured the first NAB Green Finance for Commercial Real Estate Loan for a Victorian-based building, with its mixed-use office and retail project, Industry Lanes, located in Richmond, qualifying due to the design of the project  as a low emissions building. 

Designed by Architectus and co-owned by Salta and Abacus Group, the project has achieved a 5- Star Green Star Design & As Built rating, which reflects its sustainability performance, and a 1-star Fitwel Multi-Tenant Base Building rating. This Fitwel rating, which assesses the effects of the building  on human health and wellbeing, is a first for a mixed-use development in Melbourne. 

These elements, combined with Industry Lanes’ innovative and smart design and flexible services saw the sustainable office and mixed-use precinct quickly attract high calibre tenants – with the  project now 98 per cent leased.  

Salta Executive Director of Treasury and Strategy Kane Wallace said being provided the first NAB Green Finance for Commercial Real Estate loan for a Victorian based building is a testament to Salta’s strategic and meaningful approach to ESG with its assets.  

“We are thrilled to be partnering with NAB on their first Green Finance for Commercial Real Estate  loan for a Victorian based building,” said Wallace.  

“The loan supports our broader ESG Strategy, which outlines a commitment to our customers and  partners to not only reduce our carbon footprint, but improve the user experience in line with health and wellbeing.” 

NAB Group Executive for Corporate and Institutional Banking Cathryn Carver said that with the  demand for energy efficient commercial properties growing, and the expectations for emissions  intensive sectors to invest in the transition, it is pleasing to see industry leaders like Salta actively  pursuing decarbonisation opportunities.  

“NAB has been a Salta banking partner for many years and I’m delighted that we have been able to  provide them with Victoria’s first NAB Green Finance for Commercial Real Estate loan,” said Carver.  

“Australia's commercial real estate market is primed and ready to transition. The sector accounts for around 25 per cent of overall electricity use and around 10 per cent of total carbon emissions in the country, and the technologies needed to enable decarbonisation are available today.” 

“Industry Lanes is a prime example of how the property industry can make real progress with their  decarbonisation strategies, and we look forward to our continued relationship to support Salta’s  pipeline of sustainably led projects in the future.” 

Key ESG initiatives within Industry Lanes include air-cooled heat pumps for heating, ventilation and  air conditioning, rainwater collection and storage, Co2 sensors for improved ventilation and motion  sensor controls for lighting public areas including amenities, lobbies, carparking, and for back-of  house areas, plant rooms and stairwells. A responsible materials approach also saw steel and brick  sourced from pre-existing assets and adapted back into the new development.

Salta ESG Director Nikki Paton said that Salta’s ESG pillars of Healthy and Connected People, Climate Action & Resilience, Nature Positive and Equity for All are being positively received by its  many and diverse stakeholders. 

“As a private developer, we are pleased to meet and exceed many industry ESG benchmarks within  our assets. Salta were early adopters of sustainable development – having been members of the  Green Building Council of Australia since 2007. We’ve also established a minimum requirement that  all new Salta projects over 4,000sqm achieve a 5-star Green Star certified rating,” said Paton.  

“We are pleased to receive this finance from NAB, and look forward to continuing to prioritise the  development of ESG-focussed buildings within our growing multi-sector pipeline.” 

Industry Lanes was completed in April 2022 and was a finalist for three Property Council of Australia Innovation & Excellence Awards this year, including Best Sustainable Development, Best Office Development and Best Mixed-Use Development.