Mulpha secures green loans for Norwest apartments
Mulpha Australia has secured $80 million green loans from each of the ANZ Bank and Clean Energy Finance Corporation, to fund the first stage of its Norwest Quarter project – two apartment towers – in Sydney’s north west.
The developer said a series of sustainability-focused features – dwellings are aiming to have an average 7-star Nationwide House Energy Rating Scheme (NatHERS) rating – will make it possible for occupiers to use 50 per cent less electricity from the grid, theoretically cutting energy consumption costs in half.
Over 23 and 13 levels, the complexes are also designed with water saving equipment and technology which could reduce waste to landfill by more than 50pc.
Penned by Smarts Design Studio and Bates Smart, the project will also contain 3000 sqm of retail and landscaping to reduce ground floor heat.
Norwest Quarter will contain 864 apartments in nine buildings over 3.8 hectares.
Another c3000 sqm of retail is planned for later stages.
It forms part of a 377ha mixed use project, with substantial commercial elements, which Mulpha has been developing since the 1990s.
Stage 1 Norwest Quarter
Norwest Quarter’s first stage will deliver 196 net zero-ready apartments.
Expected to be premium quality, they will include LED lighting, induction cooktops, efficient plumbing fixtures and heat pump hot water systems.
The building rooftops will contain a solar energy system.
The towers will also include recycled water for toilets and onsite organic waste treatment.
Building materials are also expected to low emission.
“The residential sector contributes 12 per cent to Australia’s total carbon footprint and represents $70 billion in expenditure annually, including 208,000 new home starts in 2021-2022,” CEFC chief executive officer, Ian Learmonth, said.
“Residential buildings are responsible for around 23pc of Australia’s overall energy use and therefore the sector represents a real opportunity to significantly cut emissions,” he added (story continues below).
“The sustainable apartments will have an average 7-star NatHERS rating, providing residents with significant water savings and make it possible to reduce landfill by more than 50 pc,” according to the executive.
“Renewables are one of the lowest cost forms of energy and are a great place to cut energy costs and reduce our carbon output.
“Sustainable high density residential buildings have a leading role to play in the future of our cities and are particularly relevant to growing areas like north western Sydney”.
Since it was established by Julia Gillard in 2012, the CEFC has loaned $1.92b – about 20pc of its ($10b) mandate.
Last year, it supported Forza Capital in buying a $41m B-grade Brisbane CBD office to renovate.
In 2020, it invested $50m with Charter Hall to improve the green credentials of assets held by the flagship Prime Office Fund.
Building set to start
Forty per cent of the units in the 23 level tower, Banksia, and 13 storey building, Lacebark, have pre=sold.
“Mulpha Australia is very pleased to have structured the facility with the CEFC and ANZ to have met internationally recognised Green Loan Principles,” the developer’s chief executive officer, Greg Shaw, said.
“Being able to partner with these financial groups in the delivery of one of Australia’s first ever, zero emission urban precincts is an exciting achievement,” he added.
“Norwest Quarter in The Hills shire of Sydney will be one of Australia’s first urban precinct developments to fully incorporate sustainable design principles from conception through to its construction and long-term performance,” according to the executive.
“As a major property developer, investor and manager we are committed to sustainable finance and design principles because this is not just good for the environment, it’s good for all our stakeholders being the communities in which we operate, our investors and business partners.”
ANZ general manager, Institutional Property & Health, Jo Scotney, said it has a track record with Mulpha, and will deliver the project as the finance sustainability coordinator.
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