Melbourne Timber Tower to Get Clean Energy Funding
As the first of many mass timber constructions under the Timber Buildings Program, a hybrid timber tower in the Melbourne district of Collingwood has secured a $70 million investment from the Clean Energy Finance Corporation (CEFC).
The sustainable commercial office tower, designed by Jackson Clements Burrows (JCB), will have 15 stories: 10 levels of timber tower on top of five levels of reinforced concrete podium. The site was purchased by the developer Hines in 2019, and the tower is already being built. The $200 million tower is scheduled to be finished in the middle to end of 2023.
The structure, known as “T3 Collingwood,” will use about 4,000 cubic metres of wood for the structural frame, which will be provided by a local manufacturer, putting about 3,000 tonnes of carbon into the ground. T3 Collingwood is named for its adoption of “a timber, transit, and technology-oriented development methodology.”
A glue laminated wood (GLT) framework with cross-laminated wood (CLT) flooring will be part of the hybrid construction method on top of five reinforced concrete podium levels. A significant aspect of the project is that the mass timber will be responsibly obtained from two Victorian mass timber specialists, XLam Australia and Australian Sustainable Hardwoods.
One of Melbourne’s tallest hybrid mass timber buildings, T3 Collingwood is situated at 36 Wellington Street and is expected to lower emissions by as much as 40% while being built. The T3 building will aim for net zero carbon emissions when it is fully functioning.
The $300 million CEFC Timber Building Program, a specialised fund designed to jump-start mass timber construction in Australia, is where CEFC will provide its promise of loan financing worth $70 million. For its investment, which will pay for building construction as well as a lease-up period, CEFC anticipates a return of 6%.
CEFC chief executive 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.
The goal of the ambitious CEFC Timber Building Program is to use mass timber products to reduce upfront embodied carbon in the real estate construction industry. The CEFC discovered that using mass timber construction techniques can reduce embodied carbon emissions by up to 75% when compared to traditional steel and concrete designs in its Australian buildings and infrastructure: Opportunities for decreasing embodied carbon report.