Environmental Upgrade Agreement signed for 470 Collins Street retrofit
building upgrade targets 30% savings
Innovative EUA finance through Low Carbon Australia, National
Australia Bank and Eureka Funds Management will enable the Suleman
property development group to make a 30 per cent saving in energy
costs for its 15-storey office block in one of Melbourne's most
sought-after business locations.
City of Melbourne Lord Mayor Robert Doyle said the project was a
shining example of what Melbourne's older commercial buildings can
achieve through retrofitting.
"It is one of a number of buildings in the financial precinct to
take advantage of Council support to improve their energy
efficiency," the Lord Mayor said.
"We can see a fundamental shift occurring in the commercial
building sector, where owners are starting to realise the
incredible benefits of retrofitting. Latest research also suggests
that each $1 billion invested in building energy efficiency equates
to around 7,700 jobs. That's economic uplift.
The building's owner Sam Suleman said the 470 Collins Street
project involved upgrades to heating, cooling and lighting and a
state of the art building management system.
"This upgrade will help better position the property in the
market place by reducing energy costs, improving the
building's environmental performance and is great for tenants
including Timothy Lewis Pharmacy, McDonald's, TP3, Ross Human
Directions, DMR Corporate & Burnet and Intralink Financial
Solutions," he said.
NAB head of property finance, Andrew Balzan said the use of EUAs
demonstrates the attractiveness of longer dated finance for this
"We're pleased to be part of this pioneering environmental
finance market which is enabling building owners to carry out
projects now that will make a difference for years to come," he
EUAs provide project finance which can remove the need for
up-front capital and be paid back through rate notices. In
Melbourne, the environmental upgrade agreement program is managed
by Sustainable Melbourne Fund on behalf of Melbourne City
Low Carbon Australia's Chairman Mike Rann said that EUAs are
just one of the innovative ways Low Carbon Australia was providing
finance for businesses looking to improve the energy efficiency of
their operations and improve the performance of their buildings
through new low carbon technologies.
"Major retrofits of Australia's commercial buildings over the
next decade could cut building emissions by 30 per cent which was
significant as the built environment accounts for nearly a quarter
of Australia 's greenhouse gas emissions.
"With our support, businesses are improving their productivity
and competitiveness while reducing their energy bills as they move
to a low carbon economy," he said.
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