New green building initiative
An innovative green-building initiative, announced today by Parramatta City Council, is set to create the next generation of modern, efficient and sustainable buildings.
Parramatta City Council is one of only two councils in NSW to establish Environmental Upgrade Agreements (EUAs), a financing model that aims to make it easier for building owners to implement upgrades to their properties.
An EUA is an agreement between a building owner, financier and local council to finance building upgrades to existing non-residential buildings. It offers a number of advantages to traditional commercial arrangements, including removing the need for upfront capital, improved loan rates and making repayments through cost savings.
Lord Mayor of Parramatta, Cr Lorraine Wearne, said Parramatta has one of the lowest A-grade office vacancy rates in the country and building stocks need to be improved.
"A significant number of buildings in and around Parramatta were built over 20 years ago, which should make EUAs attractive for many local building owners," she said.
"Research shows that building owners can reduce their vacancy and outgoings, whilst improving yields and higher tenant retention, by undertaking environmental building upgrades.
"These upgrades make properties more cost efficient and attractive to tenants and potential buyers who want modern, efficient and sustainable buildings. Many upgrades can be easily implemented and achieve a strong return on investment within one to three years."
Cr Wearne said EUAs can also deliver commercial and environmental benefits for the entire community.
EUAs in Parramatta’s CBD alone can potentially attract $150 million of investment in building upgrades; create148 full-time jobs; and reduce building owners’ outgoing costs by $26 million through water and electricity savings.
"Parramatta is home to the sixth biggest CBD in the country, with an economy generating more than $14b annually. It is important that we continue to look at ways to attract employment and investment in our City," she said.
To find out more about the Environmental Upgrade Agreement and the Clean Technology Investment Program, contact Matthew Fisher on 9806 5755 or visit www.parracity.nsw.gov.au
