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$35M Retrofit to Boost Energy Efficiency of Adelaide Office Building

Retrofit to Boost Energy Efficiency

In the quest to combat climate change and reduce greenhouse gas emissions, the world is witnessing a transformation in how we approach real estate development and investment. Sustainability has become a top priority, focusing on retrofitting existing buildings to meet net-zero carbon emissions goals.


One notable initiative in this space is the collaboration between the Clean Energy Finance Corporation (CEFC) and MaxCap Group in Australia. Together, they are pioneering a green real estate finance strategy to retrofit properties for net-zero emissions. This article will delve into the details of this innovative partnership and its potential impact on the real estate industry and the environment. Be part of the change, get your free solar quotes here at Energy Matters.

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Green real estate finance strategy: The retrofit project overview

The Australian Government is helping commercial building owners save on energy bills through a $75 million investment from the Clean Energy Finance Corporation (CEFC) to retrofit commercial properties. The first project is a $35 million commitment to retrofit a 26-story office tower at 30 Pirie Street. The first investment from the mandate lays the path for a greener Adelaide CBD. Through the MaxCap Investment Trust (MIT), MaxCap is contributing $35 million to this initial loan. The building owner and asset developer, Quintessential targets 3 to 5 stars NABERS (National Australian Built Environment Rating System) Base Building Energy Rating with initiatives including installing solar panels and new energy monitoring systems, modernising building management systems and controls, a thorough tuning programme, and switching to LED lighting.

30 Pirie St adelaide

The building, originally constructed several decades ago, has been selected as a prime candidate for a comprehensive energy-efficient upgrade. The primary goal of this project is to reduce the building’s environmental impact, lower energy consumption, and provide a healthier and more comfortable workspace for its occupants.

Quotes attributable to:

Assistant Minister for Climate Change and Energy Jenny McAllister said, “healthy buildings are productive buildings. Investments like this one will be critical to decarbonising Australia’s commercial real estate sector.

“Improving the energy performance of commercial buildings will ease pressure on energy bills and on the grid, all while reducing emissions. Importantly it will also make buildings more comfortable and cheaper to run for tenants.”

CEFC Head of Property Michael Di Russo said, “It is essential that we make our commercial properties fit for a net zero emissions future in the race to decarbonise. Commercial buildings in urban centres, suburbs and regional towns across Australia account for around half of the nation’s building stock1 and many have never undergone energy efficiency upgrades.”

MaxCap Group Executive Chairman Wayne Lasky said, “The longstanding MaxCap and Quintessential relationship means MaxCap can see the vision Quintessential has for the asset, and the opportunity to work with the CEFC aligns seamlessly with our ESG Strategy. A green strategy can achieve both sustainability and commercial outcomes for investors and MaxCap is committed to this strategy for the long term. We continue to seek additional institutional capital partners to invest in this strategy.”

Key objectives and goals

Improved energy efficiency: The core objective of the retrofit is to enhance the building’s energy efficiency significantly. This includes upgrading insulation, installing energy-efficient lighting and heating, ventilation, and air conditioning (HVAC) systems, and incorporating advanced building management systems.

Reduced carbon footprint: The retrofit aims to substantially reduce the building’s carbon emissions by enhancing energy efficiency. This aligns with the Australian government’s commitment to meeting its international climate goals and contributes to a greener and more sustainable future.

Enhanced indoor environmental quality: The retrofit will focus on creating a healthier and more comfortable indoor environment for the building’s occupants. This includes optimising natural light, improving indoor air quality, and regulating temperature and humidity levels.

Cost savings: Energy-efficient upgrades often lead to lower operational costs. The retrofit aims to demonstrate that investing in sustainability can result in long-term financial benefits for the building owner and tenants.

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The Clean Energy Finance Corporation (CEFC)

The CEFC is an Australian government-owned financial institution established in 2012 to accelerate Australia’s transition to a low-carbon and clean energy economy. It provides financial support and expertise to facilitate investment in renewable energy, energy efficiency, and low-emission technologies. The CEFC drives sustainability across various sectors, including the real estate industry.

MaxCap Group

MaxCap Group is a leading real estate investment and financing firm based in Australia. With a strong focus on commercial real estate, MaxCap Group has a reputation for innovation and excellence in real estate finance solutions. The company specialises in structuring financial products and strategies to meet the unique needs of its clients and projects, and it has a history of successful real estate investments across the country.

Source&Images: CEFC Media Release, MaxCap News, energy.gov.au News

Benefits and implications

The $35 million retrofit of the Adelaide office building carries several significant benefits and implications:

Environmental impact: This project contributes to Australia’s broader sustainability goals by reducing energy consumption and carbon emissions, addressing climate change and promoting environmental stewardship.

Economic advantages: Lower operational costs due to energy efficiency can result in long-term savings for the building owner and tenants, enhancing the economic viability of such projects.

Health and well-being: The improved indoor environmental quality will enhance the health and well-being of the building’s occupants, leading to increased productivity and job satisfaction.

Inspiration for others: This project sets a powerful example for other businesses and government entities, encouraging them to invest in energy-efficient retrofits and take proactive steps toward a sustainable future.

A shining example of pursuing greener and more energy-efficient buildings

The $35 million retrofit of the Adelaide office building represents a significant milestone in Australia’s commitment to sustainability and energy efficiency. Through advanced technologies, sustainable materials, and a focus on reducing energy consumption and carbon emissions, this project showcases the nation’s dedication to addressing climate change and creating a more sustainable built environment. It is a shining example for others to pursue greener, more energy-efficient buildings.

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