An amendment to the City of Melbourne Act allowing property trusts to enter into environmental upgrade agreements will significantly increase opportunities to retrofit buildings in Melbourne’s city centre.
The amendment will enable property trusts to finance environmental upgrades by gaining access to the lending capacities of financial institutions.
Property trusts will be able to secure funding for up to ten years and be repaid through a Melbourne City Council charge which stays with the retrofitted building.
Property trusts account for ten per cent of commercial building owners within the City of Melbourne but hold 42 per cent of the city’s total lettable space.
