This Glossary provides definitions of terms related to property and property investing.
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Term and Definition
Gazumping

Where the vendor agrees to sell a property, but then sells it to another party on more favourable terms.

Green Building Council of Australia

Launched in 2002, the Green Building Council of Australia is a national, not-for-profit organisation committed to developing a sustainable property industry for Australia by encouraging the adoption of green building practices. Its objectives are to transition the Australian property industry towards sustainability by promoting green building programs, technologies, design practices and operations as well as the integration of green building initiatives into the mainstream design, construction and operation of buildings. They also implement the Green Star rating program. www.gbca.org.au

Green lease

A lease that sets out mutual obligations for building owners, managers and tenants regarding environmental performance.

Green power

Electricity generated from clean renewable sources including the sun, wind, water and organic matter. Green power is purchased by energy suppliers on behalf of the landlord.

Green Star

Green Star is a national voluntary environmental rating scheme developed and managed by the Green Building Council of Australia. This scheme evaluates the environmental design and construction of buildings against eight environmental impact categories, plus innovation, and provides a star rating from 1 star (poor) to 6 star (excellent).

Grey water recycling

Grey water is water discharged from household appliances and fixtures in the laundry, kitchen or bathroom, with the exception of wastewater containing faecal matter. Grey water recycling is water taken from the wastewater stream that is treated and re-used.

Gross Asset Value (GAV)

The total value of the underlying assets of the fund including property and cash holdings.

Gross lease

A lease in which the tenant pays a flat sum of rent. The landlord pays all property operating expenses including taxes, insurance, maintenance and utilities.

Gross Lettable Area (GLA)

Used for calculating tenant area in warehouses, industrial, freestanding supermarkets and showrooms.

Gross Lettable Area Retail (GLAR)

Used for calculating tenant areas in retail space within a shopping centre or the retail space within an office building.

Gross rent

Used to describe a rent which includes Outgoings. This is when a tenant does not contribute to Outgoings recoveries.

Gross sales (retail)

The total amount of sales as shown by invoices, before deducting for returned goods and purchases allowances.

Gross total return

Total Return of the fund before deductions for management fees.

Ground Lease / Ground Rent

A lease which gives the right of use and occupancy of land, normally on the condition that the lessee erect buildings of a certain nature and standard. The landlord retains title to the land. e.g. A 99-year crown lease such as 1 William Street, Brisbane, QLD.

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