Federated Hermes-managed Cargo Building awarded world’s first BREEAM In-Use Residential certification
The Cargo Building in Liverpool, part of the residential portfolio managed by Federated Hermes, has become the world’s first residential asset to achieve the new BREEAM In-Use (BIU) Residential certification.
Located just a few minutes’ walk from Albert Dock and Liverpool ONE, The Cargo Building comprises 324 apartments, making it Liverpool’s first Build to Rent (BtR) scheme and largest Private Rented Sector (PRS) development.
The Cargo Building was awarded the accolade after undergoing a rigorous evaluation process to benchmark and assess its sustainability performance across a selection of key areas, including energy efficiency, health and wellbeing, and resilience. The project recorded an impressive overall Part 1 rating of 70.8 per cent, scoring particularly well in the categories of resilience, transport and energy.
Working with environmental consultants GWP Project Services, who were appointed BRE assessors and auditors for the project, enabled Federated Hermes to identify improvement opportunities in line with assessment criteria.
Securing BREEAM In-Use Residential accreditation demonstrates the commitment Federated Hermes has already shown across its non-domestic portfolio, with BIU assessments already undertaken across more than 30 assets, including centre:mk and One City Place, a mixed-use development in Chester that achieved a rating of ‘excellent’.
BIU Version 6, released in May 2020, is the latest version of the world-leading environmental methodology for assets in-use, which is used to assess buildings of all types in over 30 countries.
As the go-to non-domestic standard for real estate owners, managers and investors, Version 6 sees the release of a brand-new version specifically created to recognise and drive high standards of sustainability and operational performance in residential buildings.
Sharon Brown, Director - Real Estate Risk & RPM Implementation at the international business of Federated Hermes, says: “As the Cargo Building becomes the first residential asset to receive BIU certification, our next step will be to achieve BIU-certified status across our entire residential portfolio. As responsible investors, we adopt a long-term approach to investment and believe that assets which can demonstrate active responsible management, supported by the credentials of a world recognised benchmark, perform more strongly over time than others in the same asset class. Rather than looking at investment decisions in purely financial terms, we take a holistic view of how our portfolio impacts on our wider ecosystem, always looking at ways to deliver strong returns while making a positive contribution to society as a whole.”
James Fisher, Strategic Real Estate Lead at BRE Global Limited, says: “Right from our first discussion around BREEAM In-Use Residential, Federated Hermes has been determined to move forward and showcase the very high performance of the Cargo asset. The ‘Excellent’ outcome is testament to the dedication and commitment of the whole team involved. The high score in the Resilience category shows that the asset is well-prepared and future-ready, giving assurance to the tenants regarding the asset’s sustainability credentials.”
Will Gibby, Director - Fund Management (Global Residential and International Real Estate) at the international business of Federated Hermes, says: “Our residential strategy is underpinned by Federated Hermes’ Responsible Property Investment agenda, which has been running for nearly 15 years, and links each individual development to a wider holistic virtual community.”
Barry Rankin, Director of GWP Project Services, says: “Federated Hermes is a leader in sustainability and has continually demonstrated its commitment to achieving exceptional performance across its portfolio through its involvement with BREEAM’s sustainability assessment framework. The certification process coordinated and managed by GWP’s experienced BREEAM In Use Assessment team has allowed Federated Hermes to deliver tangible improvements, in turn helping to support its wider sustainability objectives and commitment to net-zero targets.”