1 February 2013 — One of the properties transformed by the Green Building Fund grants has sold SKM House in St Leonards in Sydney has been sold by Local Government Super to Altis Property Partners Group for $42 million.

LGS chief executive officer Peter Lambert said the sale proved how investment in sustainable, environmentally friendly property could deliver solid returns for superannuation fund members.

SKM House, at 100 Christie Street, has a 6 Star NABERS rating using 100 per cent green power – 4.5-star NABERS rating without the use of green power.

It comprises 10,000 square metres of office and retail space and parking for 74 cars. SKM House was built in the late 1980s and is fully tenanted with Sinclair Knight Merz occupying the majority of the floor space until 2016.

The divestment was part of an ongoing portfolio rebalancing strategy.

Mr Lambert said LGS was proud of SKM House’s sustainable building performance and the solid returns it had delivered for members.

“As the recipient of funding from the Federal Government’s Green Building Fund, we undertook extensive capital works to achieve the highest level of environmental performance, which in turn has added significant value,” he said.

Settlement is scheduled for 1 February 2013.

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