Work is set to begin on Iris Residential’s $150-million development at Claremont in Perth’s west, after considerable delays, value increases and a hard-fought appeal to deliver the most sustainable outcome.
The eight-storey, 137-apartment building will break ground early next year. It will comprise a collection of one, two and three-bedroom apartments.
The impending project will set a benchmark for sustainable residential development in Australia—with the project achieving an industry-leading average 8.5-star NatHERS rating.
NatHERS ratings are used to predict the amount of heating or cooling dwellings need to stay comfortable in all weather conditions.
A comprehensive suite of sustainability features will reduce energy use by 35 per cent, including natural cross ventilation over 92 per cent of residences and a 40 per cent reduction in internal lighting energy consumption.
Double glazing, sliding balcony screens, enhanced breezeways and a northerly orientation for all apartments will ensure buyers are comfortable year-round, no matter the weather, without having to rely on artificial heating or cooling.
The highest-rated residences at the Hassell-designed The Terraces reach 9.7 stars on the 10-star scale, which means those apartments are virtually self-lighting and self-climate controlled.
One third of apartments at the development are expected to achieve a 9-star NatHERS rating.
Iris Residential managing director Simon Trevisan said that sustainability grading had not been achieved in any other large-scale residential development anywhere in Australia.
“This is what sustainable design is about—there are no compromises, no greenwashing,” Trevisan said.
“Most apartment developments of this size come in at the 7 to 7.5-star level, and certainly we haven’t been able to find anything comparable out there in the market either here in WA or on the east coast.
“According to the Department of Climate Change, Energy, Environment and water, energy use in residential buildings accounts for 24 per cent of overall electricity use and 12 per cent of total carbon emissions.
“By increasing energy efficiency, households not only enjoy lower energy bills but have higher quality of life, while also being satisfied in the knowledge that they are making a real contribution to addressing climate change.”
Non-bank lender Metrics Credit Partners funded the acquisition of the 7400sq m site at 3 Shenton Road, on the boundary of the historic Claremont Oval, in 2021 and remains the primary financier behind the project.
Metrics managing partner Andrew Lockhart said that the lender had continued to see strong private and institutional appetite for corporate debt investments—particularly for projects with measurable sustainability outcomes.
“From a lender’s point of view, the sustainability outcomes of [The Terraces] improved the marketability of the finished residences, helping to mitigate credit risks,” Lockhart said.
“ESG and sustainability factors are at the heart of Metrics’ approach to assessing and managing risk for investors.”
The 2022 National Construction Code now requires all new Australian houses and apartments to meet a minimum NatHERS energy efficiency rating of 7 stars.
BGC Construction has since been appointed to build the sustainably led large-scale apartment project. Construction is scheduled for completion by late 2024
The project will be alongside Mirvac’s $1-billion Claremont on the Park development, completed in 2018.
