12 September 2012 — Environmental Upgrade Agreement finance will be used by the Suleman Property Development Group to retrofit 470 Collins Street, Melbourne.

The finance, through Low Carbon Australia, National Australia Bank and Eureka Funds Management, will see a 30 per cent saving in energy costs for the 1970-built 15-storey office block.

City of Melbourne Lord Mayor Robert Doyle said 470 Collins Street was one of a number of buildings in the financial precinct to take advantage of council support to improve their energy efficiency.

“We can see a fundamental shift occurring in the commercial building sector, where owners are starting to realise the incredible benefits of retrofitting,” he said.

“Latest research also suggests that each $1 billion invested in building energy efficiency equates to around 7700 jobs. That’s economic uplift.”

Building owner Sam Suleman said the $720,000 project involved installing a new cooling tower, two new efficient condensing systems, a new state-of-the-art building management system and energy efficient lighting.

“This upgrade will help better position the property in the market place by reducing energy costs, improving the building’s environmental performance,” he said.

Building tenants include Timothy Lewis Pharmacy, McDonald’s, TP3, Ross Human Directions, DMR Corporate & Burnet and Intralink Financial Solutions.

Head contractor for the project is AIRKORP Australia with Green Wire Consulting working as the energy consultant.

NAB property finance head Andrew Balzan said the use of EUAs demonstrated the attractiveness of longer dated finance for this market.

EUA finance can be paid back through rate notices.