In 2014, Invesco Real Estate acquired 321 Exhibition Street, a 30,200 square meter office building in Melbourne, Australia.
The property is a 20-level office/retail building constructed in 1990. It was fully refurbished and upgraded with modern specifications in 2011.
Upon acquisition, improvement works have been carried out to upgrade the building’s National Australian Built Environment Rating System (NABERS) Energy rating from 5.5 to 6 Stars, where 6 stars represents market leading performance. The time period to achieve this current rating took about 9 to 12 months and costs around AUD100,000.