Property firm favours retrofits.

 

A Sydney-based property investment fund is saving money - and the planet - by re-using office furniture and fittings as it upgrades its extensive portfolio.

 

The ISPT fund is upgrading and retrofitting its assets, sending unwanted desks, chairs, carpets and other office fittings to use in other buildings across the country.

 

Items that cannot be relocated are being donated to charities or sold, with the cash generated funneled back to the charities. 

 

Companies move, on average, every five to 10 years, leaving landlords battling to dispose of what is left behind in a sustainable and cost-efficient manner.

 

According to a report in the Sydney Morning Herald, ISPT has invested more than $460 million across the three assets to transform them into A-grade office space.

 

At one Pitt Street location, there were 1400 work stations and chairs relocated to Parramatta. The cost was $400 per desk, compared with $1600 for a new desk. The remaining desks will be re-used within the Pitt Street location and other ISPT assets.

 

After National Australia Bank moved to Docklands in 2022, it was left with more than 15,200 desks and chairs, 42,000 sqm of ceiling tiles, 173 whitegoods and about 1000 blinds.

 

ISPT and construction partner Built co-ordinated efforts  to re-use tables, couches, fridges and microwaves within the building via not-for-profit ReLove, which provides funding, furniture and support to victims of domestic violence.

 

PHOTO: Kaizonaire