20 September 2012 — Energy efficiency upgrades to 247 Adelaide Street, Brisbane, will take the 1980s office block from a 0 NABERS rating to targeting 4 Stars.

Low Carbon Australia finance is helping the 1980s office block cut its base building electricity consumption by nearly 50 per cent through $1.23 million in improvements.

Development manager Trans Action Property Services director Marc Stuart said the old equipment’s power consumption was “staggeringly inefficient and nearing the end of its life”.

“The savings made will prove the project’s value and will continue to prove its value as electricity prices rise,” he said.

Mr Stuart said 247 Adelaide Street’s new equipment had enabled the building owners to benefit from incentives offered by energy supplier Energex for reducing peak demand.

“The cost of capital can be a barrier to these sorts of projects, but with incentives available, upgrading can be a win-win for everyone,” he said.

The project involved installing high efficiency air cooled chillers, new pumps and variable speed drives, a new mechanical switchboard, solar thermal heating, ventilation and air conditioning units and LED lighting.

Low Carbon Australia provided finance for about $735,000 with the remaining amount sourced through the Australian Government’s Green Building Fund.

Low Carbon Australia chief executive officer Meg McDonald said rising electricity prices had placed a greater focus on how energy efficiency could help building owner and businesses reduce their operating costs and increase their productivity.

Ms McDonald said high rated NABERS buildings consistently outperformed low rated buildings, with strong capital growth in high-rated assets driving investment returns.

This was confirmed in the latest PCA/IPD Australia Quarterly Green Property Index, she said.

Consulting engineers for the project were Norman, Disney and Young while project supervisors were Napier Blakeley.

The building has a net lettable area of 3000 square metres for both office and retail.

Major tenants include Merthyr Law, The Travel Doctor, Hallis Personnel, Global Philanthropic, The Score Group, DFP Recruitment and BMW2 Recruitment.