470 Collins Street

470 Collins St 1 (1)

Summary

A 15 storey office block in one of Melbourne’s most sought-after business locations is targeting an energy cost reduction of 30 per cent, made possible by an innovative financing agreement, environmental upgrade finance.

A new cooling tower system will be installed, along with two new efficient condensing boilers. A new building management system will also be installed to provide better management of energy consumption.

The 470 Collins Street agreement, signed between the City of Melbourne, National Australia Bank (NAB) and Low Carbon Australia Limited and the building owner, is the second privately funded environmental upgrade agreement under the 1200 Buildings Program.

Fast facts

Building owner Suleman Group
Building address 470 Collins St, Melbourne
Head contractor AIRKORP Australia
Energy consultant Green Wire Consulting
Project value $720,000
Year of construction 1970
Gross floor area (GFA) 16,020m2
Net lettable area (NLA) 9763m2
Number of floors 15
Building use Office and retail

Annual savings

  • $50,000 in energy bills
  • 310 tonnes of CO2-e

National Australia Bank (NAB), Low Carbon Australia and Eureka Funds Management have established The Australian Environmental Upgrade Fund (TAEUF) to provide finance for EUA’s.

Eureka Funds Management acts as trustee and program manager, while NAB provides a portion of the funding required. Low Carbon Australia also provides funds, technical advice and related work with its TAEUF partners, to achieve the greatest benefit from their agreements.

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