A Canberra office block will be turned into an energy efficient retirement village with the help of a $60 million investment from the government's green bank.
Government-owned Clean Energy Finance Corporation (CEFC) will partner with LDK Healthcare, a joint venture between the listed Cromwell Property Group and senior living operator Aspire Group, to create the LDK Greenway Seniors’ Living Village in the suburb of Greenway in Tuggeranong.
Up to 450 seniors living across 380 apartments will have access to more than 700kw of solar PV across rooftops and car park areas, expected to produce less than half the greenhouse gas emissions of existing buildings.
They will also 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 development will also include improved insulation and energy-efficient lighting, heating and cooling.
CEFC chief executive Ian Learmonth said the repurposing of commercial office space was viewed as an untapped opportunity for the agency.
“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,”
“This investment is a great example of how we can cut emissions across every sector of our economy, benefiting our environment, lowering our energy use and cutting our emissions.
“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.”
The aged care development, typically highly energy-intensive once operational, will now see an emissions savings of almost 30,000 tonnes over the lifecycle of the development.
The CEFC’s $60 million injection of capital is in addition to its existing $470 million residential portfolio, which includes student, community and build-to-rent housing.
The CEFC is also responsible for investing $10 billion in clean energy projects on behalf of the federal government.
The green energy fund has already backed projects to revitalise B- and C-grade commercial office buildings into modern, efficient towers.
The group has also worked closely with property managers in commercial funds including Dexus, Investa, Lendlease and Mirvac.