Developer Grocon is selling its award-winning ultra-green Pixel building in Melbourne to pay down debt, company documents show.
The private company headed by Daniel Grollo is carrying debt against the property of $5.04 million, due for repayment midyear, but it expects the sale to cover its liability.
The striking multicoloured Pixel building (above), with its facade of swivelling panels designed to deflect heat and light, is expected to fetch $6 million to $7 million. But it is unclear if Grocon will recover the full cost of its unique building.
Located at the former Carlton & United Brewery site in Carlton, the four-storey office has picked up a swag of green and design awards since it was built three years ago.
It was given the highest sustainability rating from the US Green Building Council's international LEED system and achieved a perfect 6-star Green Star as-built and design rating from the Green Building Council of Australia.
The carbon-neutral structure collects and filters rainwater from its roof and uses the grey water to irrigate reed beds on site.
It has wind turbines and sun-tracking solar panels on the roof.
Grocon, in conjunction with Boral Concrete, developed a unique green product called Pixelcrete - that minimises use of cement by mixing it with recycled aggregate - during its construction.
"We're more than comfortable, if it doesn't get the right result, to hang on to it. It's not a core asset," Grocon transactions manager Dan McLennan said.
Grocon's revenue dropped 25 per cent to $510.4 million last financial year, records show. Part of its reported 2011-12 profit of $18.1 million was from selling a Sydney office building.