T3 Collingwood kickstarts Timber Building Program

Friday 9 Dec 2022

Australia’s latest environmentally-friendly timber high rise building is on track for construction, with new investment from the Clean Energy Finance Corporation (CEFC). The landmark Melbourne project, developed and led by specialist global real estate group Hines, has also attracted finance from the Madigan Active Debt Fund, backed by the Victorian Funds Management Corporation.

The CEFC commitment of up to AU$70 million in debt finance for the Melbourne T3 Collingwood development is the first project to be financed through the specialist CEFC Timber Building Program. The CEFC has nominally allocated AU$300 million to the Timber Building Program, to help kick start mass timber construction in Australia, which has the potential to substantially reduce embodied carbon.

The 15-storey prime-grade office tower, located at 36 Wellington St Collingwood, will be one of Melbourne’s tallest hybrid mass timber buildings. It will deliver a dual emissions reduction impact – cutting embodied carbon levels by as much as 40 per cent1 during the construction phase and, once operational, target market leading net zero emissions.

CEFC CEO Ian Learmonth said: “We are very pleased to announce T3 Collingwood as our first investment under the innovative CEFC Timber Building Program, which aims to encourage the use of mass timber in the construction sector. Mass timber can play an important role in decarbonising the buildings that make up our cities and this investment showcases how timber can be used to change the way we approach commercial scale buildings.

“The commercial property sector has been making significant progress to reduce operational carbon, and we are pleased to now be accelerating the focus on embodied carbon. Timber has a vital role to play in addressing embodied carbon and represents the next frontier for the property industry. This project encourages owners, developers, architects, engineers and builders to use mass timber as an alternative to conventional construction materials such as concrete and steel for their projects.”

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Source: Miragenews

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