Parramatta City Council has become the first NSW Council to sign an Environmental Upgrade Agreement (EUA), after signing up for an environmental retrofit of for 10 Valentine Avenue.

 

The EUA will deliver a lighting upgrade project which will deliver an estimated 60 per cent reduction in lighting bills.

 

Lord Mayor of Parramatta, Councillor John Chedid, said the agreement is significant and reinforces Parramatta as a growing economic centre and business destination.

 

“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,” Cr Chedid said.

 

“Being home to the first EUA in NSW proves that Parramatta is a great place to invest and that we’ve got the solutions the commercial property market needs. Property owners both within and outside the City should talk to Council about what is possible,” Cr Chedid said.

 

Parramatta City Council started offering Environmental Upgrade Agreements (EUAs), an innovative financing model that aims to make it easier for building owners to implement upgrades to their properties, earlier this year.

 

The upgrades, while they must achieve improved environmental outcomes, relate to common works required in older buildings including air conditioning, lift and lighting upgrades as well as reductions in energy and water costs for owners and tenants.