Elevation view of Cornerstone by AHMM in London
CategoriesInterior Design

AHMM to transform office into co-living space next to Barbican estate

Elevation view of Cornerstone by AHMM in London

Developer HUB and investor Bridges Fund Management have revealed plans to convert a 1950s office building in London into Cornerstone, a co-living residential scheme designed by Allford Hall Monaghan Morris.

Located on the edge of the Barbican estate, the Cornerstone project will draw from the iconic Barbican architecture to transform 45 Beech Street into 174 co-living residences along with street-level commercial spaces and amenities.

“Building on the success of our previous London projects with HUB, we are joining forces again to transform an underloved office building in the heart of the city,” Allford Hall Monaghan Morris (AHMM) director Hazel Joseph said.

Elevation view of Cornerstone by AHMM in LondonElevation view of Cornerstone by AHMM in London
AHMM has revealed plans for a co-living retrofit next to London’s Barbican estate

AHMM’s proposal aims to re-use as much of the building’s existing structure and facade as possible, taking a “retrofit-first approach” to minimise the need for new building works.

The studio will also primarily work within the geometric parameters defined by the original envelope, while updating the rectilinear language to create uniform apertures for each co-living apartment.

Referencing the Barbican estate, a series of arched, double-height extrusions will be introduced across the crown of the building to house additional co-living apartments.

Barbican context and facade of Cornerstone by AHMM in LondonBarbican context and facade of Cornerstone by AHMM in London
The design will adapt the existing building’s form and insert a series of arched spaces at the top

“The architectural approach has been carefully considered, responding sensitively to the much-loved Barbican context, completing the northern frontage of the estate,” Joseph said.

The arches will be partially set back from the building’s facade and lined with an asymmetric patchwork of glazed and tile panels underneath the curved overhangs.

At street level, warm red panel accents will contrast against the building’s neutral concrete finishes to highlight commercial and collective functions.

The scheme will integrate a public cafe, a co-working space and community-focused amenities at its lower levels to improve the public realm for those who live and work in the area.

“The existing structure of 45 Beech Street will be re-used and extended, creating a new residential community with shared amenities and breathing new life into the local streetscape,” Joseph explained.

street level activation of Cornerstone by AHMM in Londonstreet level activation of Cornerstone by AHMM in London
At street level, new commercial and public amenities will seek to activate the ground plane

According to HUB and Bridges Fund Management, AHMM’s proposal was developed in collaboration with the community – including Barbican residents – who were consulted through a series of workshops and events.

A website was also established to solicit viewpoints about the redevelopment, reiterating the design vision to establish a “vibrant community” that will adapt the original building and holistically contribute to the neighbourhood.

AHMM was established in 1989 by Simon Allford, Jonathan Hall, Paul Monaghan and Peter Morris in London. The studio has previously converted a 1930s block into New Scotland Yard’s headquarters in London and completed a mixed-use building in Southwark with interlocking flats.

Also adjacent to the Barbican estate, Diller Scofidio & Renfro’s proposal for a pyramidal music centre was recently scrapped when the City of London Corporation revealed its plans for a “major renewal” of the Barbican.

The images are courtesy of HUB and Bridges Fund Management.

Reference

How can AI help real estate professionals decarbonise?
CategoriesSustainable News

How can AI help real estate professionals decarbonise?

How can AI help real estate professionals decarbonise?

Spotted: The UN Environment Programme reports that “Nearly 40 per cent of global carbon dioxide emissions come from the real estate sector. Of these emissions, approximately 70 per cent are produced by building operations, while the remaining 30 per cent comes from construction.” While the climate impact of buildings is clear, for managers of large portfolios of commercial real estate, it can be difficult to build a complete and accurate picture of the sustainability of every building. 

Enter Cambio, a commercial real estate decarbonisation platform built by and for real estate professionals. The startup brings together climate and data scientists and retrofit and regulatory experts to provide portfolio and building managers with deep insight into building and equipment performance. 

Armed with an understanding of the sustainability changes that could make the quickest and largest reductions to a building’s emissions, portfolio managers can ensure compliance with regulations and drive progress towards net-zero goals. Cambio’s system integrates directly with every metre on a property, providing a livestream of energy use and emissions intensity.  

Additionally, the system works seamlessly with utility providers’ APIs, making it possible for portfolios of mixed ownership to monitor all properties in the same way. The platform uses artificial intelligence to analyse potential returns on investment for a range of retrofitting options, before ranking the properties based on the level of opportunity for carbon reductions.

As well as flagging compliance with regulatory policies, Cambio also automates reporting. This makes it possible for owners and managers of large portfolios to see total emissions at-a-glance, as well as those for individual buildings. They can then track interventions over time to evaluate their efficacy.  

The complexity of real estate decarbonisation management is reflected in the numbers of AI-powered solutions being created by innovators. Springwise’s archive includes projects that use blockchain to track buildings’ carbon emissions and AI recommended carbon transition plans.  

Written By: Keely Khoury

  

Reference

Heating commercial real estate with geothermal power
CategoriesSustainable News

Heating commercial real estate with geothermal power

Heating commercial real estate with geothermal power

Spotted: Geothermal energy is one of the most energy-efficient methods for providing HVAC (heating, ventilation, and air conditioning) for businesses and communities alike. But the problem that has traditionally faced geothermal power is the high upfront cost of establishing boreholes to tap into this energy in the ground, especially in contrast to other readily available energy infrastructure. And for tall commercial properties or apartment blocks, traditional geothermal systems have also not been able to provide enough energy to heat or power the entire building. This is where US startup Bedrock Energy comes in. 

The company has developed new autonomous drilling and subsurface modelling technology that allows borefield construction to be around three times quicker and cheaper. Crucially, unlike existing boreholes, which are often drilled 300 to 800 feet below the Earth’s surface, Bedrock drills 2,000 feet underground where the temperatures are much hotter. 

Because of this, the company reduces the number of boreholes required for a project – from as much as 28 down to just eight – meaning tall commercial buildings with limited land space can still make use of this abundant energy source for their heating and cooling systems.  

Using its advanced algorithms, Bedrock can accurately predict the energy transfer to buildings from the geothermal site. The company then specially designs a project’s geothermal loop field to optimise borehole location for the best long-term energy returns.  

Bedrock is ready to start deploying to commercial projects soon and is currently working on a pilot project. The company recently raised $8.5 million (around €7.9 million) in seed funding, which will be used to help accelerate the manufacturing and deployment of its technology. 

Many more innovators are recognising the potential of geothermal energy, and Springwise has also spotted one company that’s using Kenya’s geothermal resources to power direct air capture as well as a system that makes geothermal less water-intensive.

Written By: Archie Cox

Reference

Realty Sage is Revolutionizing the Green Real Estate Market
CategoriesSustainable News Zero Energy Homes

Realty Sage is Revolutionizing the Green Real Estate Market

Realty Sage is Revolutionizing the Green Real Estate Market

Zillow created a powerful and historical shift in real estate by opening up the traditional real estate industry to the public, offering home listing information directly to consumers. A full 99% of home buyers between the ages of 23 and 56 use the internet to find their homes. This remarkable effort has unmasked previously hidden information, so that home buyers are now more educated and confident in their home buying and selling. Consumer trust has shifted from real estate agents to publicly accessible data, helping buyers and sellers better understand market trends. Specializing in the green real estate market, Realty Sage shines that light on the features and real benefits of eco-friendly homes.

While Zillow helped bring the real estate industry into the light, sustainable homes are demanding more attention. Realtors see value in promoting green home features to the public, but most well-known national real estate websites do not offer the ability to search for sustainable homes in a comprehensive way. Even though sustainable homes are almost always a better investment compared to traditionally built and equipped homes, tracking and understanding their eco features has been difficult. The data about sustainable homes is, for the most part, unavailable, inaccurate, or difficult to trust. And realtors with real green home expertise can be difficult to find.

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Bringing the Sustainable Homes Market to the Fore

Realty Sage has stepped in to fill that void in the market with a green real estate website that focuses primarily on sustainable homes. Structured differently than Zillow or Trulia, Realty Sage listings deliver innovative marketing and education that specifically focus on sustainability and new building technologies. It gives homebuyers, sellers, and real estate professionals an online shopping experience that helps them better understand the hidden value of sustainable homes.

Realty Sage listings provide detailed and educational information about eco and energy-efficient homes for sale, including renewable energy, advanced building techniques, energy rating scores, and numerous third-party certifications like Energy Star, Pearl, Passive House, and the Department of Energy’s Zero Energy Ready Home. Listings feature verified information on cost savings and environmental impact, in addition to all the standard home listing information.

More Trust in Eco Claims for Home Listings

Energy Sage works to verify the eco claims about each home listed on the site, including energy efficiency scores and third-party certifications. The database’s Sage Score simplifies verified information on the sustainable qualities of listed homes. The score considers hundreds of features in a home and its community: renewable energy and energy efficiency; water efficiency; advanced smart home systems and appliances; interior finishes; quality construction; community and outdoor amenities; and utility costs. In conjunction, the Realty Sage Livability Categories evaluate the potential benefits of certain property features, including potential cost savings, comfort, environmental impact, and health benefits.

This helps green real estate agents and sellers more accurately market homes for a better return on the homeowners’ eco investments. And verification boosts buyers confidence in the seller’s claims. Meanwhile, industry professionals can track and understand the performance of real estate listings showcasing detailed eco features and certifications.

Connecting with Green Real Estate Agents

The right professionals can make it easier to evaluate your high-performance home at the time of sale, or when financing a new home or undertaking a sustainable renovation. Green-savvy real estate agents and other eco professionals serve every state. And Realty Sage Pros helps homeowners identify the ideal agent. To minimize spam, customers complete a short questionnaire of their real estate needs, and Realty Sage Pros will send inquiries to just three to local, knowledgeable professionals.

Realty Sage supports a culture where home buying is not just about price, location, and features. Selecting a home that delivers a positive homeowner experience includes ongoing cost savings, comfort, health, quiet, durability, functional design, future-proofing, and environmental impacts. Buying a home is one of the most important and most expensive purchases a person may ever make, so having access to the hidden attributes of a home is critical.

Realty Sage.com provides:

  1. A platform for home buyers to search thousands of sustainable homes for sale across the country.
  2. Searchability by type: energy and water efficiency, third-party certifications, healthy communities, smart homes, and much more
  3. Free green real estate listings for sellers and real estate agents with advanced marketing opportunities
  4. Hundreds of more-detailed property fields than many local multiple listing services (MLS)
  5. Prominent promotion of sustainable features and green certifications
  6. Information on long-term value, cost savings, and environmental impact of sustainable homes
  7. Resources for buyer’s financing
  8. In-depth information on sustainability and the benefits of eco features
  9. Easy connection to local real estate professionals who are knowledgeable and experienced with sustainable homes

The next time you venture into the housing market, visit Realty Sage and then let us know how it helped you. Or connect with a local, green real estate agent via RealtySagePros for advice and guidance. And if you’re a realtor with a sustainable, high-benefit home ready to sell, be sure to post your listing for free.

The author:

Kari Klaus is the Founder and CEO of Realty Sage, a dynamic real estate platform solving one of the largest obstacles to consumer adoption of high performance and sustainably built homes: education and return on investment. Realty Sage applies intelligence to big data, simplifying eco-home features with the Sage Score and benefits with the Realty Sage Livability Categories. An award-winning tech startup, Realty Sage has been featured in The Washington Post, Chicago Tribune, Silicon Valley Startups Radio, Elemental.green, and more.

 

Reference

A platform overcoming the ESG data gap in real estate
CategoriesSustainable News

A platform overcoming the ESG data gap in real estate

A platform overcoming the ESG data gap in real estate

Spotted: Real estate is responsible for around 40 per cent of total global emissions, with around 28 per cent of that total generated by existing buildings. But the question of how to ensure that any modernisation is sustainable and meets environmental, social, and governance (ESG) requirements is not an easy one to answer. This is what startup Predium aims to tackle, with its ESG software platform for the real estate industry.

The Munich-based company has developed a platform that provides building owners and managers with a comprehensive overview of the ESG status of the property. The platform collects information on energy consumption, CO2 emissions, and other building information from a wide variety of sources. Then, the system performs a precise profitability check of various modernisation measures.

The platform is designed to allow users to prioritise the measures that best meet ESG benchmarks and cost savings, while allowing them to track implementation. Predium also supports reporting of any measure taken, and their effects, to investors, boards, and regulators.

Founded in 2021, Predium raised €1.6 million last year in a seed funding round, and has been growing fast since. 

Improving the efficiency of the built environment is crucial to reaching net zero. Luckily, there are no shortage of ideas on how to achieve this. Take a look at our archive for some that Springwise has spotted, including environmentally friendly concrete and wood-based, fossil fuel-free insulation.

Written By: Lisa Magloff

Reference

AI quickly creates decarbonisation plans for real estate portfolios
CategoriesSustainable News

AI quickly creates decarbonisation plans for real estate portfolios

AI quickly creates decarbonisation plans for real estate portfolios

Spotted: Reducing emissions is a top priority in every industry, and doing so as fast as possible is essential. Now, innovators everywhere are grappling with how to turn great ideas into working concepts, and then industrial-scale solutions. Canadian property technology experts at Audette have built an artificial intelligence (AI) platform that does in a few hours what it would ordinarily take humans years to do – analyse a full portfolio of commercial real estate for decarbonisation opportunities and build a plan to retrofit every building in the most cost-efficient manner.

From renewable energy opportunities to carbon-negative materials and low-carbon technologies, Audette can build a carbon-transition plan for any building. The platform layers operational data with capital planning and a breakdown of costs and energy usage of each piece of equipment and location, as well as forecasts of emissions. This allows for effective, efficient retrofitting and long-term planning for a carbon-negative future.

Property managers can add data to the platform and test out various ideas themselves. The AI projects return on investment, helping teams identify the higher priority changes to make. The platform recognises and suggests methods for maximising efficiencies across an entire business, not just a single building. Audette also connects users to a building scientist to ensure that the AI-backed decisions make business sense.

Audette recently raised $9.5 million (approximately €9.14 million) to support the launch of its technology across 150 North American cities. The initial rollout is planned for 2023 and 2024.

Springwise has spotted other means of decarbonising buildings on a sizeable scale, including a platform that allows real estate investors to monitor and reduce waste and emissions across their properties, and smart technology that prevents excessive use of heating and lighting in office buildings.

Written By Keely Khoury

Reference

CategoriesConstruction News

SBP takes another step to boost investment in real estate

 

SBP takes another step to boost investment in real estate

LAHORE/KARACHI: In what is being seen as a positive development for the real estate sector and capital markets, the State Bank of Pakistan on Wednesday reduced the risk weight of banks/DFIs from 200 per cent to 100pc on their investment in units of Real Estate Investment Trusts (REITs) for five years to facilitate development of housing finance and capital markets.

“In order to provide further support to the development of real estate sector, State Bank has amended its capital adequacy regulations by significantly lowering the applicable risk weight from 200 per cent to 100 per cent on banks and DFIs’ investments in the units of REITs,” said a SBP circular.

Besides the revision in the capital adequacy treatment for banks’ investments in REITs, the circular said, the banks’ investment (in REITs) will now be categorised in the “Banking Book” instead of “Trading Book”. However the central bank added that it “may review this revised treatment after a period of five years based on the banks’ exposure and performance of the REITs sector”.

Halving of risk weight of banks, DFIs to help REITs

According to the SBP, “With the changes in capital adequacy regulations, banks and DFIs will now be able to increase their investments in REITs without the need to allocate relatively large amount of capital.

“This will, in turn help banks to promote development of real estate sector in the country. The enhanced participation of financial institutions, backed by regulatory initiatives, would also encourage REIT Management Companies to launch new REITs, providing further boost to the Government’s agenda for development of housing and construction sectors,” it said.

‘A good move’

“This is a good move since the risk weight for banks’ investment in the real estate sector was very high. Banks will now be able to increase their investments in REITs without allocating relatively large amounts of capital. This move would facilitate investment in REITs and potential launch of new REITs,” Samir Ahmed, Knightsbridge Capital Group CEO, told Dawn.

“This change in capital adequacy treatment for banks’ investments in REITs has opened up new avenues of financing for REITs. This means REITs can now arrange financing from the banks; earlier they had to rely on their own equity. The market participation in REITs is likely to increase,” he said.

REITs are companies like closed-end mutual funds that own, operate or finance income-producing real estate. They raise funds from the general public and institutions and deploy these funds through investment in real estate properties. REITs provide an investment opportunity that makes it possible for everybody to own and benefit from real estate by allowing them to invest in portfolios of real estate assets the same way they invest in equities.

“The stockholders of a REIT earn a share of the income produced without actually having to go out and buy, manage or finance a property,” Mr Ahmed said.

REITs invest in a wide range of real estate property types, including offices, apartment buildings, warehouses, retail centres, hospitals, data centres, infrastructure and hotels. Most REITs focus on a particular property type but some hold multiple types of properties in their portfolios.

The SBP had earlier amended provisions of its existing prudential regulations to encourage enhanced participation of banks in REITs that enabled them to make higher investments in REITs to the tune of 15pc of their equity as against the previous limit of 10pc.

Moreover, the SBP has also allowed the banks to count their investments in shares, units, bonds, TFCs and Sukuks issued by the REIT management companies toward achievement of their mandatory targets for housing and construction finance.

“The amendments in SBP’s capital adequacy regulations will further incentivise banks to contribute towards a well-functioning capital market for real estate sector,” said the SBP.

Taxation challenges remain

Welcoming the development, Arif Habib Dolmen Real Estate, which owns the country’s only listed REIT, stated that REITs were a quintessential instrument for the government to document real estate and bring transparency in this sector.

Speaking from Karachi, Mohammad Ejaz, an analyst at Arif Habib Securities, said both SBP and SECP had done their part to encourage establishment of REITs in the country. “Now it is FBR’s turn to provide an enabling environment and facilitate the REIT investments by resolving the taxation challenges,” he said. Elaborating, he said some taxation anomalies such as 25pc tax on dividend income still exist.

“This should be cut to 15pc since REITs distribute 90pc of their profits and have to compete with the large, obscure and informal investors operating in the country’s real estate sector. With the government focused on encouraging construction and housing to boost the economy, REIT is one formal, documented way to promote the real estate sector that largely operates in the grey. Taxation is a major reason we don’t see much development in REITs.”

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