15 August, 2012 — Sustainable Melbourne Fund has made its first investment into a retrofit of a commercial building owned by an owners corporation.
The investment will fund a $440,000 retrofit of 55 Swanston Street – with the installation of an energy efficient chiller unit resulting in a reduction of about 285 tonnes of CO2-e per year.
Chairman of the owners corporation for 55 Swanston Street, Michael Figg, said the owners were committed to reducing the building’s greenhouse energy use by at least 38 per cent.
“Funding from Sustainable Melbourne Fund’s investment program has been easy to access and has allowed us to overcome a key barrier that owners corporations face when looking at sustainability projects – obtaining finance for retrofits,” he said.
“We look forward to realising both environmental and economic benefits from the retrofit.”
Sustainable Melbourne Fund chief executive Scott Bocskay said until now owners corporations had found it almost impossible to access capital for environmental upgrades.
“The availability of funding through our investment program for owners corporations is a key step toward boosting retrofit activity in Melbourne,” he said.
“Owners corporations account for 21.5 per cent of commercial building owners within the City of Melbourne and hold 22.5 per cent of total net lettable area.”
Established by Melbourne City Council in 2002, Sustainable Melbourne Fund has invested $8.14 million into sustainability projects.