The Clean Energy Finance Corporation is contributing $68 million to a property development in Geelong, Victoria, to ensure market-leading 5.5 star standard under the National Australian Built Environment Rating System.

The $120 million project will transform the original heritage Dalgety & Co. building into a 14-level commercial office tower, to be used as headquarters for WorkSafe Victoria.

The Quintessential Equity development is the CEFC’s largest commercial office investment. As a result of the funded improvements, the site will become the first multi-storey Victorian commercial office building outside of the Melbourne CBD to achieve a 5.5 star NABERS energy rating.

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.

The upgrade will include:

  • Replacing 600 kW aircooled chiller with 900kW water cooled chiller and 1500kW cooling towers.
  • Enlarging pipework sizing and upgrading all pumps to reduce energy usage.
  • Adding a proprietary central plant controller to optimise performance of chillers, pumps and cooling towers.
  • Replacing 2 x 381kW standard water heaters with 2 x 432kW high efficiency water heaters.
  • Replacing 3,500sqm of base building lighting with very low energy light fittings.
  • Significantly increase in photovoltaic coverage to the roof and including higher efficiency systems.
  • Upgrading façade to include thermally broken mullions and higher performance glazing.