Council one the three finalsts

Parramatta City Council, in association with the National Australia Bank, was one of only three finalists in this year's prestigious 2013 Australian Property Institute (API) NSW Excellence in Property Awards..

Council was nominated for the DLA Property Industry Award, given to those that have demonstrated leadership and vision in the property industry, after achieving the first Environmental Upgrade Agreement (EUA) in NSW.

Parramatta Lord Mayor, John Chedid said council was proud to receive such a high level of recognition within the property sector.

"The API Awards are one of the most prominent events on the NSW property industry calendar and so we are delighted that Council has been recognised for its achievements," he said.

"Council is continuously developing innovative ideas and providing forward-thinking solutions when it comes to improving our city's infrastructure.

The fact that council achieved the first EUA in NSW spoke volumes about its commitment to technological advancement, he said.

EUAs enable building owners to access attractive financing, providing opportunities for reducing energy bills and improving the environmental performance of their buildings.

In January 2013, the property 10 Valentine Avenue in Parramatta's CBD underwent an $800,000 lighting upgrade and became the first building in NSW to use the EUA finance mechanism.

By using an EUA, the project was able to reduce lighting energy by 70 per cent, receive tenant contributions that paid for 42 per cent of upgrade costs and allow the building owner to access low interest rate finance.

These types of upgrades make properties cheaper to run and are more attractive to tenants and potential buyers who want modern, efficient and sustainable buildings. Local building owners are encouraged to investigate how EUAs work and make upgrading their property more cost effective