The 47-level Collins Arch mixed use project on Melbourne’s Collins Street will be kitted out with high efficiency airconditioning and other low-impact technologies thanks to a $100 million investment from the Clean Energy Finance Corporation, in a deal announced on Thursday.
CEFC and Cbus Property are targeting “industry leading energy efficiency standards” for the $1 billion Collins Arch mixed use (hotel, office and residential) development.
As well as high efficiency airconditioning, the new financing will go towards energy efficient façade fabric insulation, built in real-time energy monitoring and electric vehicle charging facilities for residents.
The $100 million for energy efficiency measures is expected to yield a minimum 20-25 per cent improvement on the development’s carbon footprint.
The building, which features two towers linked by a skybridge, is currently under construction and due for completion by the end of 2019.
Designed by Woods Bagot and SHoP Architects, the development is aiming for a 5.5 star NABERS Energy rating for the commercial office space; a 4.5 star NABERS Energy rating for the W Hotel and a 7 star average NatHERS rating across the residential apartments.
Cbus Property chief executive officer Adrian Pozzo said the CEFC facility fits “perfectly with our long-standing focus on sustainability.”
“The industry leading sustainability features incorporated throughout Collins Arch will help us deliver on our global commitment to achieve ‘net zero’ carbon emissions across our portfolio by 2030,” he said.
“Ultimately, we view these initiatives as positive contributors to investment performance and the opportunity to partner with CEFC on this major mixed-use property is compelling”.
Last year, the developer and the City of Melbourne provided land for a new urban park next to the building.
The 1900 square metres of open space features a thick tree canopy and water wall to help combat the urban heat island effect.
Collins Arch, designed by Woods Bagot and SHoP Architects, is currently under construction with completion expected in late 2019.
CEFC’s 2017-18 annual report flagged sluggish improvement in energy efficiency in homes as a priority area for further action.
“With property representing a substantial part of Australia’s emissions reduction challenge, this is an obvious area for further action,” the report stated.