Work will soon begin on The Terraces, a $150 million development by Western Australian property developer Iris Residential, with the appointment of BGC Construction to build Australia’s most sustainable large-scale apartment project.
Located in Development WA’s highly sought-after Claremont on the Park precinct in suburban Perth, the eight-storey, 137-apartment luxury building designed by Hassell will achieve an industry-leading average 8.05-star Nationwide House Energy Rating Scheme (NatHERS) rating, setting a new benchmark for sustainable residential development in Australia.
Against the minimum 6-star NatHERS standard required by residential developments in Australia, the highest-rated residences at The Terraces will reach 9.7 stars on the 10-star scale, which means these apartments are virtually self-lighting and self-climate controlled. Additionally, almost 30 per cent of the apartments will achieve a 9-star NatHERS rating.
“That 8.05-star rating is something we’re incredibly proud of, and something we don’t believe has been achieved in any other large-scale residential development anywhere in Australia,” Iris Residential managing director Simon 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.”
Future residents of The Terraces will benefit from a comprehensive suite of sustainability features that will reduce energy use by 35 per cent, including natural cross ventilation at 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 The Terraces residents live in comfort in a space filled with natural light and fresh air throughout the year, regardless of the weather, without having to rely on artificial heating or cooling.
“This is what sustainable design is about – there are no compromises, no greenwashing,” Trevisan says.
“The greenhouse gas emissions benefit via electricity use reduction is real and measurable, and the cost savings from significantly lower power bills are also tangible. A strong sustainability performance means reduced costs for homeowners, whether we’re talking about their power bills or strata levies.”
Australia’s largest private debt provider, Metrics Credit Partners, funded the acquisition of the land in 2021 and continues to support the project as it moves through to the development phase.
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, Metrics managing partner Andrew Lockhart said.
“ESG and sustainability factors are at the heart of Metrics’ approach to assessing and managing risk for investors. We are delighted to see such great alignment between the developer, buyers and financiers to achieve meaningful advances in the sustainability factors for residential developments – and these are clearly demonstrated in The Terraces,” he adds.
The Terraces is located in close proximity to Claremont train station with direct access to the new Forrestfield-Airport METRONET link, reducing the need for car travel and further adding to the development’s sustainability credentials.
DevelopmentWA acting chief executive Dean Mudford said The Terraces was an outstanding example of the agency’s commitment to sustainability at Claremont on The Park.
“As the Western Australian Government’s development agency, DevelopmentWA has a critical role in helping lead the way to a more sustainable way of living – ensuring the communities and projects we deliver demonstrate new, smarter ways to live and work,” Mudford says.
“With what is expected to be a nation-leading sustainability performance, The Terraces is an outstanding example of what can be achieved as part of a master-planned and focused approach to precinct-scale development.”
Hassell senior associate Alex Jones said the vision for The Terraces was to create a beautiful, carefully crafted building that embraced the unique setting of Claremont Oval, with a strong focus on incorporating climatically responsive design principles.
“Through extensive analysis and testing, the spectacular terraced form of The Terraces minimises energy consumption while maximising cross ventilation, northerly orientation, access to natural daylight and views towards the oval,” Jones says.
The Terraces is scheduled for completion by late 2024.