Time to listen, time to act – Lambert Smith Hampton
Some occupiers and prospective purchasers of UK commercial property still view the green credentials of a property as a ‘nice to have’ rather than a ‘need to have’, which implies that investment in sustainable development has in general failed to deliver acceptable returns. But it will not always be so, says Lambert Smith Hampton.
Lambert Smith Hampton says the requirements of the 2011 Energy Act, which come into force in April 2018, will eventually lead to the term ‘prime asset’ meaning ‘sustainable asset’ and warns that it is now time for the property industry “to listen and act for the long term”. The firm says attitudes are changing and that society’s understanding of and commitment to sustainability and carbon-neutrality is strengthening.
“Not only is certification being written into the statute books by governments around the world, but our understanding of the carbon embodiment of construction materials is growing and we have rudimentary tools for measuring in-use carbon emissions. Increasingly respected institutions such as the Carbon Trust’s Low Carbon Workplace Partnership are also now developing standards for low-carbon construction,” it points out.
On 1 April 2018 it will be unlawful to let a UK commercial property with an Energy Performance Certificate rating of F or G. But “there is more to this challenge than disposing of the asset or doing the minimum required to achieve compliance,” LSH points out. More ambitious targets will follow: the government has set the UK economy on a path towards an 80% cut in carbon emissions by 2050. The firm highlights that this is a huge undertaking, as commercial property accounts for an estimated 18% of the UK’s carbon emissions. “The April 2018 deadline for the eradication from rental stock of F and G certificated buildings is just one stepping stone towards achieving that long-term goal. There will certainly be others,” it adds.
