Today, Parramatta City Council celebrated the signing of the first Environmental Upgrade Agreement (EUA) in NSW for the Australian Unity Investments owned building at 10 Valentine Avenue, Parramatta.
The 15,995 sqm building has undergone a full tenancy lighting upgrade, with the works estimated to save the tenants around 70 per cent on their lighting bills. With escalating energy prices this is estimated to save the tenants between $150,000 and $200,000 a year from mid-2016. Completed in January 2013, the tenants are already enjoying the improvement of their office spaces and energy savings.
Environmental Upgrade Agreements (EUAs) enable the financing of large capital upgrade works to existing commercial buildings that result in energy, water, or other environmental savings. The replacement of older equipment, such as air conditioning and lift systems or lighting fixtures are ideal upgrades eligible under this funding program.
CitySwitch spoke to a number of the stakeholders involved in the upgrade project to take a closer look at the finance mechanism from the tenant’s perspective. Find out more >