The Clean Energy Finance Corporation (CEFC) is financing a property development that will create an exemplar green building at 1 Malop Street, Geelong, Victoria, to serve as the new headquarters for WorkSafe Victoria.
The CEFC is lending unlisted property fund manager, Quintessential Equity (QE), $68 million to enhance the design of the $120 million 14-level commercial office tower, transforming the building into a 5.5 star standard under the National Australian Built Environment Rating System (NABERS).
The site incorporates approximately 15,000 square metres of CBD PCA A-Grade office accommodation across 14 levels. The building includes a basement, secure on-site parking, ground-floor café, on-site concierge, rooftop exercise and BBQ areas, and club style end-of-trip facilities with 100+ bike racks.
On completion, the building will be targeting a 5 Star NABERS Base Building Energy Rating and a 6 Star Green Star Rating and will feature stunning views across Corio Bay, Johnstone Park and the Arts Precinct, and over the Geelong CBD.
The Quintessential Equity development is the CEFC’s largest commercial office investment. As a result of the CEFC-financed design improvements, 1 Malop Street will create the first multi-storey Victorian commercial office building outside of the Melbourne CBD to achieve a 5.5 star NABERS energy rating.
Located at one of Geelong’s most iconic sites, 1 Malop Street project is designed by architects, peckvonhartel. It will merge the original heritage Dalgety & Co. building into a landmark property consisting of some 15,500 square metres of CBD PCA A-Grade office accommodation.
CEFC Chief Origination and Transactions Officer Paul McCartney said ensuring the building was constructed to a higher standard than otherwise planned, reflected the CEFC’s strategy to drive Australia’s commercial property sector towards carbon neutral buildings.
[embed]https://youtu.be/_kuVPjmgi_A[/embed]“This exemplar building will demonstrate the considerable attractions of energy efficient and more liveable work environments,” Mr McCartney said.
“Higher rated properties consistently outperform their lower rated counterparts with a range of ongoing benefits, including the ability to command higher returns and attract long-term quality tenants, while operating with lower energy use costs and lower emissions outputs. It is also a great demonstration of how clean energy solutions can work to give an historic landmark a new lease on life as a low carbon building.”
The financing is part of a broader CEFC focus on working with building owners and developers to provide financing solutions across a range of property sub sectors to help drive higher industry-wide energy efficiency standards.
Urban Design & Efficiency
“High quality urban design will become increasingly important as the population densities of our cities grow. Building innovation undertaken now immediately benefits today’s workforce and helps develop a smarter working environment for the cities of tomorrow,” Mr McCartney said.
“This is especially important since many commercial buildings can have a lifespan of more than 40 years.”
Quintessential Equity Head of Development, Guy French-Wright said there was a growing demand for affordable high-quality green office space in Geelong.
“Our 1 Malop Street development will set a new gold standard for near city office accommodation, providing a high quality, bespoke workspace designed specifically around the ethos of Live, Work, Play. It will be a legacy project which will form the centrepiece of the next phase of growth and development in Geelong,” Mr French-Wright said.
“Quintessential Equity is committed to developing the most sustainable and energy efficient building possible for Worksafe and the city of Geelong. To date only nine buildings in Victoria have strived for and achieved a 5.5 star NABERS base building energy rating.
“Through the support of CEFC we have been able to make this target a reality and are now in a position to improve the energy efficiency of the building from 5 star NABERS to a 5.5 star NABERS base building energy rating. Although not required by Worksafe, this will ensure an additional 25 per cent reduction in the building’s energy consumption and will mean additional cost savings for all tenants.
“The opportunity to work with CEFC has created a genuine win-win outcome for Quintessential Equity, WorkSafe, CEFC and the city of Geelong and I would like to thank CEFC for its contribution to the project.”
Factors that lift Malop Street’s base building NABERS energy performance rating to 5.5 stars from 5 stars are:
“We are delighted with the CEFC’s support of 1 Malop Street. The NABERS 5.5 star rating will complement the building’s 6-star Green Star rating. We are excited our new home will become a case study for those striving to develop and provide 21st century commercial office buildings specifically tailored to modern workforces and working practices,” Ms Amies said.
The 1 Malop Street project is significant for both Quintessential Equity and the Geelong community, with the development set to create approximately 180 construction jobs at its peak construction period and support approximately 1,000 full-time jobs once the building is complete.