The Building Energy Efficiency Disclosure Act, 2010 (“the Act”) came into effect on 1 November, 2010.
The purpose of the Act is to provide potential purchasers and tenants of commercial office buildings comprising an area of more than 2,000m² information regarding the building’s energy efficiency.
All owners of large commercial office buildings are not required to obtain a NABERS Certificate (National Australian Built Environmental Rating System) which provides potential purchasers and tenants with:
a) an energy efficiency star rating for the building;
b) information regarding the building’s lighting; and
c) general guidance as to the how the energy efficiency of the building could be improved.
A copy of the NABERS Certificate must be attached to all Contracts for Sale and a copy provided to all potential tenants.
The Certificate must be renewed annually.
Failure to comply with the new legislation by owners and/or landlords may result in fines of up to $110,000 for a body corporate and $38,500 for individuals.
Newly constructed buildings are exempt here a Certificate of Occupancy is less than two (2) years old OR where the premises comprise strata title offices.
If you have any questions regarding buying or selling property you should contact our property law specialists at Matthews Folbigg on 9635 7966