Cape Quarter retrofits solar panels to reduce occupancy cost

Posted On Tuesday, 28 October 2014 08:07 Published by
Rate this item
(0 votes)

The Cape Quarter, the flagship property within the Tower Property Funds portfolio, is set to soon receive an extensive solar retrofit as part of the funds greening and occupancy cost reduction strategy.

Solar

Solar panels will be installed on the roof of the Cape Quarter and will supply approximately R350 000 worth of electricity per year offering a 10% yield growing at a minimum of 8% although it is expected that this will increase given Eskom's predicted high tariff increases.

Tower Property Fund, which listed in July 2013 on the Johannesburg Stock Exchange under the new REIT structure, has set a clear strategy of occupancy cost reduction across the board for all the buildings within the fund's portfolio, with a strong focus on "greening" underpinning the fund.

The Cape Quarter has also undergone lighting and other retrofits which will save the centre an impressiveR1 million per annum in energy costs for the property.

"Recent global research has shown that green buildings outperform normal buildings significantly - on average achieving rental premiums of 6%, capital value improvement of 12%, while reducing operating costs by 30%," explains Marc Edwards, CEO of the Tower Property Fund. "As the funds flagship building we will be rolling out this solar retrofit at Cape Quarter first, but this will soon be followed by similar initiatives at all suitable buildings within the portfolio."

Most Popular

GMI Property Group adds a New Mall to its Stable: Bronkhorstspruit Mall

Jul 21, 2022
GMI Properties Group announces the development of the much-anticipated Bronkhorstspruit…

Equites Property Fund and Mabel conclude B-BBEE transaction

Jul 21, 2022
Andrea Taverna-Turisan
The JSE listed specialist logistics property fund, Equites, today officially announced…

The growing take-away and fast food, and food delivery, culture

Jul 20, 2022
Restaurant and Take-Aways data for May 2022
Restaurant and Take-Aways data for May 2022 points to “solid but slowing” growth in…

The rapidly rising cost of living is reflecting in residential rentals

Jul 21, 2022
TPN Graph-Rental Demand
Demand for residential rental properties saw some recovery in the first quarter of 2022…

Despite hike, interest rate remains below pre-Covid levels, says Dr Andrew Golding

Jul 21, 2022
Dr Andrew Golding
With the inflation outlook deteriorating since the previous Monetary Policy Committee…

Please publish modules in offcanvas position.