A forgotten, unused office park in a southern Canberra suburb will get a second life as an energy efficient aged care and retirement village for up to 450 people.
The retirement village project in Tuggeranong has attracted the attention of the Clean Energy Finance Corporation, which has invested $60 million in the village.
Aged care is typically energy-intensive, and is a growing sector thanks to an ageing population, so it’s good news that this development is expected to more than halve greenhouse gas emissions compared to current building standards.
The emissions savings are expected to reach almost 30,000 tonnes over the lifecycle of the development.
“We are delighted to see our finance being used to cut emissions in the retirement living and aged care sector, which is experiencing strong growth as Australians live longer and healthier lives,” CEFC chief executive officer Ian Learmonth said.
“It’s also exciting to see the property sector recycling buildings, giving large-scale assets such as commercial office buildings a second life in an environmentally-friendly manner.”
LDK Greenway Seniors’ Living Village will be owned and operated by LDK Healthcare, a joint venture between Cromwell Property Group and senior living operator Aspire Group.
People living in the 380 apartments will have access to a corner store and café, 130-seat auditorium, meeting and learning spaces, community and private dining areas, gardens, a chapel and car parking.
The village will feature more than 700KW of solar PV across rooftops and car parking areas, as well as energy efficient lighting and smart controls.
High efficiency heating, ventilation and airconditioning, and the use of heat recovery systems and electric heat pumps, will also keep energy consumption down.
It will also have “improved” wall, underfloor and roof insulation, as well as high-performance window glazing.
“As today’s investors factor in ESG considerations as part of their decision making, this approach is becoming the expected minimum standard of good investment practice,” Cromwell Property Group chief investment officer Rob Percy said.