Parliament rubber stamps building upgrade finance

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Parliament rubber stamps building upgrade finance The State’s largest private sector industry has today welcomed the bipartisan support and passage of important legislation enabling building upgrade finance for building owners and landlords. The Property Council has long fought for sensible changes to the Local Government Act (1999) for a new financing mechanism for upgrading commercial buildings in South Australia. “Despite a lot of misinformation stemming from the scheme’s detractors, legislation has been rubber stamped by the House of Assembly – legislation that will allow for a new financing mechanism to upgrade commercial buildings,” said SA Executive Director Daniel Gannon. “That means commercial building owners will soon be able to access loans to retrofit their buildings – buildings that house businesses for employers and jobs for employees. “Importantly for the property sector, the legislation received bipartisan support in the House of Assembly. This is a great outcome for the sector. “Building Upgrade Finance will be of considerable assistance to commercial building owners and developers looking to access loans to retrofit their buildings. “This great advocacy outcome means the proposed scheme will remove barriers to upgrading commercial buildings and lead to a more sustainable built environment. “Building upgrades can reduce operating costs, increase yields, help attract and retain tenants and improve asset values – it’s a no-brainer for building owners, but also for tenants. “The Building Upgrade Finance mechanism makes sense on an economic front, not only for building owners and occupiers as a means of managing their utility costs, but for the businesses that can provide the clean technologies and solutions that lift building performance.”