Major change to the Commercial Building Disclosure Program is fast approaching on 1st July 2017
Following the announcement made by the Australian Government last year, the mandatory disclosure threshold on commercial office buildings will reduce from 2000 square metres to 1000 square metres starting the 1st July 2017.
From 1st July 2017, this expansion of the CBD program will require most sellers and lessors of office space of 1000 square metres or more to obtain a Building Energy Efficiency Certificate (BEEC) before the building goes on the market for sale, lease or sublease.
BEECs include a Part 1 – the building’s National Australian Built Environment Rating System (NABERS) Energy for offices star rating which is valid for 1 year, and a Part 2 – Tenancy Lighting Assessment (TLA) of the relevant area of the building which is now valid for 5 years (since September 2016).
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Important changes to the Commercial Building Disclosure Program
Following a comprehensive review of the Commercial Building Disclosure (CBD) Program earlier this year, and public consultation on the proposed changes to the program, the Australian Government announced this week that the mandatory disclosure threshold on commercial office buildings will reduce from 2000 square metres to 1000 square metres starting 1st July 2017.
Importantly, this impending expansion of the regulatory requirements of the CBD program to include additional commercial office buildings, also comes with the announcement of reducing the regulatory requirements for the Tenancy Lighting Assessment (TLA) component by increasing the TLA validity period from 1 to 5 years from 1st September 2016.
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