At First Light Capital, we believe responsible investment goes beyond returns – it’s about stewardship, sustainability, and a genuine commitment to long-term value for both investors and tenants. One way we demonstrate this is through our pursuit of high NABERSNZ ratings across our commercial property portfolio.
We’re proud to share that three of our key assets – 328 Great South Road in Papatoetoe, 22–24 Cabernet Crescent in Westgate, and 490 Richmond Road in Grey Lynn – have recently achieved exceptional NABERSNZ ratings of 4.5 stars and 5 stars, marking a major step forward in our sustainability journey.
What is NABERS?
NABERS (the National Australian Built Environment Rating System) is a rigorous performance-based rating system that measures the energy efficiency of commercial buildings. In New Zealand, NABERSNZ is administered by the New Zealand Green Building Council (NZGBC) and Smart Power Australasia, benchmarking buildings on a scale of one to six stars based on their energy usage.
Unlike other certifications that focus on building design, NABERS rates actual energy performance, making it a trustworthy and transparent measure of how efficiently a building operates. This distinction is vital in today’s commercial property market, where investors, tenants, and lenders increasingly demand strong environmental performance and data-backed metrics.
Why NABERS Ratings Matter
The benefits of NABERS go well beyond the star rating itself:
- Lower Operating Costs: More energy-efficient buildings reduce power bills for both landlords and tenants, contributing to long-term financial performance.
- Enhanced Tenant Satisfaction: Environmentally conscious tenants – particularly government agencies and corporates – prefer working in efficient, well-maintained buildings.
- Attractive ESG Funding: High NABERS ratings help unlock access to ESG-aligned lending from major New Zealand banks, often at more favourable rates.
- Future-Proofing Investments: With growing regulatory pressure and ESG reporting obligations, NABERS-rated buildings are increasingly becoming the standard, not the exception.
Achieving and maintaining high NABERS ratings is not a marketing exercise – it’s a long-term investment in the health, performance, and sustainability of our portfolio.
Our Recent Achievements
We’re excited to highlight the recent upgrades and results from three key properties:
5-Star NABERSNZ Rating for 328 Great South Road, Papatoetoe
Located in the heart of South Auckland, 328 Great South Road is a critical government-tenanted building, leased to the Ministry of Social Development (MSD).
Our team, led by Asset Manager David Annan, worked closely with Smart Power Australasia to implement targeted energy efficiency improvements. The result? A stellar 5-star NABERSNZ rating, signalling exceptional performance and operational efficiency.
This building now stands as a benchmark in our portfolio, representing what is possible when strategic upgrades meet a clear sustainability vision.
5-Star NABERSNZ Rating for 22–24 Cabernet Crescent, Westgate
This West Auckland property is another outstanding example of our commitment to NABERS excellence.
Achieving a 5-star NABERSNZ rating, this asset showcases how thoughtful planning and expert execution can transform performance outcomes. Special thanks go to Anthony Bertrand and the wider team at Smart Power Australasia for their role in driving this result.
Cabernet Crescent not only supports the productivity and wellbeing of its government tenant but also contributes to our ESG strategy – strengthening the appeal of our portfolio to institutional investors and financiers seeking future-ready, climate-aligned assets.
4.5-Star NABERSNZ Rating for 490 Richmond Road, Grey Lynn
This inner-city Auckland asset, leased to Oranga Tamariki – Ministry for Children, recently achieved a 4.5-star NABERSNZ rating, reflecting substantial energy performance improvements over recent years.
To reach this milestone, we undertook a targeted set of upgrades, including:
- Replacement of HVAC/Chiller Units – delivering significant energy savings and improved thermal comfort
- Full LED Lighting Upgrade – reducing energy demand and enhancing visual conditions across the building
These improvements not only benefit our tenants through lower running costs and improved workplace quality but also elevate the building’s overall valuation and ESG credentials.
Portfolio-Wide Commitment to NABERS
The journey doesn’t stop here.
These three milestones are part of First Light Capital’s wider strategic goal: to obtain a NABERSNZ rating for every commercial building in our portfolio. We view this as a fundamental step in building a future-fit portfolio that delivers on both performance and purpose.
Our focus on data-driven energy performance is central to our approach as long-term asset managers. By embedding NABERS into our capital improvement planning, we are able to:
- Monitor performance over time
- Identify and address inefficiencies early
- Support tenant retention through high-quality environments
- Align with ESG targets and compliance frameworks
This proactive, accountable approach sets First Light Capital apart. It shows that we don’t just talk about sustainability – we act on it.
The Role of Asset Management
Behind each rating is careful planning, smart investment, and active management.
A special recognition goes to David Annan, First Light Capital’s Asset Manager, whose leadership and attention to detail have played a pivotal role in these outcomes. His coordination with Smart Power Australasia, building managers, engineers, and tenants has ensured that each building’s unique challenges are addressed with bespoke solutions.
This collaborative approach ensures that every rating is not just an accolade but a reflection of real, measurable building performance improvements.
What This Means for Investors
For our investors, these NABERS achievements represent more than good news – they’re a signal of First Light Capital’s care and discipline in managing your investment.
They mean:
- Better risk management through reduced exposure to rising energy costs
- Improved tenant retention due to higher satisfaction and alignment with government sustainability mandates
- Potential for enhanced asset value and capital growth
- Increased eligibility for green finance opportunities
In an environment where energy prices, ESG mandates, and climate risk are top of mind, owning NABERS-rated properties isn’t just responsible – it’s smart.
Looking Ahead
First Light Capital is committed to continuing this momentum. Our upcoming asset enhancement plans will focus on:
- Targeting 5-star ratings for remaining properties
- Incorporating solar PV and smart energy systems where viable
- Leveraging NABERS ratings to inform ESG reporting and finance
We believe the commercial real estate sector has a responsibility to lead the way in energy efficiency and sustainability. With NABERS, we have the framework, tools, and commitment to do just that.
Final Thoughts
The recent NABERS milestones achieved across our portfolio are a testament to the care, effort, and long-term thinking that underpin First Light Capital’s asset management philosophy.
We’re proud to deliver strong, sustainable outcomes for both investors and tenants. And we’re just getting started.
To our current investors – thank you for your continued support. To prospective investors – this is the kind of performance and care you can expect from First Light Capital.
For more updates on our sustainability initiatives and asset management approach, sign up to our NZ Property Market Update.
