Hillbreak Co-Founder and Urban Land Institute (ULI) UK Vice-Chair, Jon Lovell, will be speaking on the main conference programme at Regen2017. The event, to be held at the iconic St George’s Hall in Liverpool, brings together renowned thought-leaders in UK regeneration and economic development.
Representing the ULI, Lovell will join UK-GBC Campaign & Policy Director, John Alker, and the Chief Executive of The Land Trust, Euan Hall, on a session focusing on Sustainability & Growth. He will address the topic of “Leadership in the responsible use of land and investment” through which he will highlight how the burgeoning momentum of the Responsible Investment agenda is shaping investor and developer attitudes to the creation of places and communities with lasting appeal. He will illustrate how a clear focus on futures thinking and strategic foresight is an essential hallmark of the civic and business leadership needed to shape and nurture successful cities and communities in our rapidly-changing world.
The conference, exhibition and networking event, now in its third year, is free to attend and features participants including the Heseltine Institute for Public Policy & Practice, Peel Group, Urban Splash, Triodos Bank and the Department for Communities and Local Government.
The Government has today issued a new Housing White Paper for England, “Fixing our broken housing market”. It includes out a broad range of welcome reforms to increase the supply of new homes and to make housing more affordable, including:
Compelling councils to produce a current plan properly to confront housing demand;
Requiring developers to avoid low density projects where housing land is scarce;
A new emphasis on affordable renting;
Reducing the currency of planning permissions;
Employing a £3 billion fund to help smaller building firms compete; and
Putting the question of further tightening of energy performance standards back on the agenda, albeit without any specific proposals at this stage.
This patchwork of measures, however, comes nowhere close to fixing a shattered system, as our response below highlights.
The Present Situation
Successive governments over the past 50 years have failed to properly to address the ‘housing problem’. The stark reality now is that:
House prices in the UK are the highest in the world, except Monaco.
Construction of new housing has been decreasing steadily since the 1970’s.
Housing in Greater London is exorbitantly expensive, with a price to income ratio of 8.5 compared to 5.0 for the rest of the country.
There is an overall shortage of inexpensive (‘affordable’) housing across all forms of tenure, almost everywhere.
New houses are about 40% smaller than those in similar European countries.
The housing stock is not just deficient in absolute terms, much of it is in the wrong place and is of very poor quality.
Current Complications
The situation is further complicated by such factors as:
A planning regime so unimaginative, rigid, restrictive and subject to locally vested ‘NIMBY’ interest, that housing tends to be built where the development constraints are least, rather than where effective demand is greatest.
Green Belt policy that is not just obsolete or outmoded, but conceptually wrong. Land, and landscapes, of truly high environmental quality should actually be better protected, if not positively enhanced. Meanwhile, swathes of ‘brownish’ urban ground and poor-quality peri-urban farming terrain could readily be released. Greater sense and selectivity should be the watchwords.
Housing markets are insufficiently flexible in terms of size, style, type and tenure. They cater badly for the old, the young, the alone, the mobile, the transient, and the home-worker – let alone the poor and the destitute.
Many government perceived ‘solutions’, such as Help-to-Buy, Inheritance Tax Reform, higher taxes on Buy-to-Let, and ‘Bedroom Tax’, might play to the electoral galleries, but are, in practice, invariably counter-productive.
Even the differential Stamp Duty imposts, widely acclaimed, have the effect of reducing mobility and stagnating the market.
Council Tax has not been subject to a proper revaluation since 1992, so that the tax levied bears little relation to underlying property values, and the consequent ‘equalisation’ system plainly works against more progressive planning authorities.
Few politicians dare to embrace and promote really radical reform. The housing crisis is capable of mindful rectification, but momentary ministers lean towards policies that treat the surface symptoms, rather than tackle the root causes.
The one overriding feature of vital housing policy reform remains, as it has endured for the past half-century, the fundamental prerequisite to concentrate crucially on the ‘supply-side’ of the market (in terms of both quantity and quality), and not continually tinker with ‘demand’.
Options
In addition to the simple imperative of making more land available, Hillbreak would offer three options to help solve the persisting shortage of affordable housing.
Meaningful urban intensification complemented by more Garden Cities, Towns and Villages. We need to place even greater emphasis on executing good urban density, for which the contemporary examples in the UK are few and far between. The intensification and continued renewal of our towns and cities, including a key focus on suburban neighbourhoods and hubs centred on decent public transport and green infrastructure, is vital. In this regard, our work last year with British Land and Deloitte on meeting the needs of London’s growing population is pertinent. In parallel, we have a few new ‘Garden’ projects popping up as a testament to the enduring legacy of Ebenezer Howard, and admittedly more promised. However, it really requires a multiplicity of these numbers to have a meaningful and meritorious effect. Perhaps the “Development Corporation” approach merits a revisit.
A Unified Infrastructure Fund. International investment monies are seeking long-term, certain and secure havens almost as never before. We propose that the government should orchestrate the assembly of top investors – insurance, assurance, mutual, private equity and sovereign wealth – to form a Unified Infrastructure Fund, independent of, but underwritten by (not debt!), government, to finance planned new developments and the necessary framework of services and facilities.
Tax Increment Finance (TIF). Although the idea of TIF has been around for quite a while, and successfully deployed in many countries across the world, especially in the United States, where it started in the 1950’s (Illinois alone has over 900 districts), somewhat surprisingly it has not caught-on well at all in the UK. This is despite strong campaigning from such organisations as the Core Cities Group, The British Property Federation and many Chambers of Commerce. Put very simply, TIF is an investment tool for funding infrastructure and other related development which promotes growth and captures locally generated value and revenues. The potential for TIF’s is, we believe, utterly enormous.
In all this, we believe that quality and ‘placemaking’ should be central to the planning and development of new homes and neighbourhoods, inspired by and capitalising on local assets and potential. The intention always should be the creation of excellent places that promote health, happiness and well-being.
A ‘Royal’ Recommendation
We think a Royal Commission on Housing should be established to inquire into the persisting housing crisis. This would ‘imagine ahead’ to envision the prospect of a healthy market tomorrow for all types of tenure across all locations, and ‘plan backwards’ to identify today the necessary policies, plans and programmes to achieve it. It would have a fixed timetable, say two years, be politically, professionally and societally ecumenical in its membership, headed by remarkable and respected figure(s), and consult widely, wisely and well. Surely, it is not beyond the wit and wisdom of governance at all scales and across all divides to unify for such a noble and common purpose?
https://www.hillbreak.com/wp-content/uploads/2017/02/reflection-1977040_640.jpg478640Jon Lovellhttps://www.hillbreak.com/wp-content/uploads/2021/02/hillbreak-green.pngJon Lovell2017-02-07 14:47:482017-02-07 14:50:35Hillbreak responds to new Housing White Paper
TH Real Estate, the top 10 global real estate fund manager with nearly $100bn of Assets Under Management, has launched its new Sustainability Strategy, Tomorrow’s World. Advised by Hillbreak, TH Real Estate has anchored its Strategy around four strategic pillars:
Preparing for Tomorrow’s World, which is constantly changing, by ensuring that the business, the assets it manages and the people it works with, are ready for the heightened pressures, growing responsibilities and new opportunities in the markets of tomorrow, so that TH Real Estate consistently outperform through the cycles.
Investing in the value of Tomorrow’s World, which is currently at stake, with investment strategies focused on opportunities which safeguard and enhance value for its clients, whilst making a lasting and positive difference in the cities of tomorrow.
Helping to create a Tomorrow’s World which supports thriving communities, businesses and ecosystems by creating outstanding places for people in the communities of tomorrow, where community-wide prosperity is unlocked and environmental systems are restored.
Ready to be part of Tomorrow’s World in which TH Real Estate is an active and positive corporate citizen, engaged and influential in the business of tomorrow.
This excellent new video, produced by The Edge Picture Company, conveys the philosophy of Tomorrow’s World and articulates how TH Real Estate is integrating its principles into its investment management processes.
Short-lived market cycles, evolving investor needs and sustainability pressures bring with them significant challenges. Our people deliver unique investment solutions today, by focusing on the structural trends that will shape real estate tomorrow. The local and global expertise across our business, combined with a collaborative and responsible approach, enables us to unlock opportunities and deliver excellence in Tomorrow’s World.
TH Real Estate, 2016
It was Hillbreak’s privilege to advise and provide training support to TH Real Estate. Working closely with the Executive Leadership Team, our role has been to bring insights on the key Environmental, Social & Governance (ESG) trends that are shaping real estate markets around the world, to work with the Senior Management Team to integrate ESG objectives and considerations into the various operational and investment management functions of the global business, and to provide advice and training support on key areas of implementation.
Throughout the process of evolving the Tomorrow’s World concept, which in our view provides a genuine point of differentiation for TH Real Estate from its peers, we have been struck by several hallmarks of the business:
A highly engaged and sincere Executive Leadership Team, with a strong appreciation of the need for a foresighted approach to Sustainable Investment;
A well connected operational platform with an empowered Senior Management Team, providing the basis for well-targeted ESG objectives and interventions;
Award-winning legacies on which to build from the RPI activities of its predecessor organisations, TIAA-CREF and Henderson Global Investors;
A collaborative spirit between different teams, such as Product Development, Research, and Sustainability, which creates the environment for embedding RPI across the global TH Real Estate platform.
These attributes have been central to the successful envisioning and early execution of the Tomorrow’s World strategy, and we look forward to supporting TH Real Estate with the ongoing realisation of its RPI goals.
https://www.hillbreak.com/wp-content/uploads/2017/01/glass-traingles.jpg533800Jon Lovellhttps://www.hillbreak.com/wp-content/uploads/2021/02/hillbreak-green.pngJon Lovell2017-02-01 08:00:492017-08-04 13:46:09Investing in Tomorrow’s World with TH Real Estate
Eminent professor joins forces with Keeping and Lovell at specialist training and advisory firm, Hillbreak
Professor John Ratcliffe
Professor John Ratcliffe, a globally eminent chartered surveyor and consultant, has joined Hillbreak, the specialist training and advisory start-up fronted by former Deloitte duo, Jon Lovell and Miles Keeping.
Ratcliffe joins the growing firm, whose client book includes marquee real estate organisations including TH Real Estate, British Land and BMO Real Estate Partners, as Head of Strategic Foresight.
With over forty years of working in academia and industry, Ratcliffe brings a wealth of experience to Hillbreak.
Until 2007 he held the position of director at the Dublin Institute of Technology, where he remains Emeritus Professor, as well as being a visiting professor at Henley Business School and the University of Salford,
He has worked as a consultant to countries, cities, companies, colleges and communities in the area of strategic foresight and is currently conducting several projects on the future of sustainable cities and sustainable real estate development.
Currently, he acts as president of the Futures Academy, an applied research and strategic consultancy organisation that was established in order to promote a fresh and more effective approach towards long-term planning.
His work has gained global recognition as a new way of encouraging business and investment management leaders to strengthen their focus on strategic foresight as a means of future proofing policy and leadership strategies.
Ratcliffe will lead the firm’s work on anticipatory leadership through strategic foresight, helping business leaders prepare for a range of future scenarios and making sure their business plans are both adaptable and resilient.
His appointment comes at a time when the firm is expanding both its advisory and training services, particularly in the field of Responsible Property Investment strategies for international asset owners and investment managers.
Professor Ratcliffe said:
“With unprecedented geopolitical uncertainty an acute issue for businesses across all sectors and financial markets, the need for CEOs and their Executive teams to take a more structured and anticipatory look at future operating scenarios has never been greater. Investors and other stakeholders expect rigorous and inclusive approaches to risk management. The volatility, complexity and ambiguity we are witnessing demands exceptional adaptability which can only be realised with a solid approach to strategic foresight.”
For most of my professional career in and around real estate, cities and the built environment, I have championed the cause of thinking farther, wider, deeper and differently about tomorrow’s future, so as to take better decisions for today’s business. Joining Hillbreak is a very special opportunity to promote strategic foresight and anticipatory leadership for the advancement of the real estate industry and the betterment of the communities it serves. I am genuinely very excited at the prospect.”
Miles Keeping, co-founder of Hillbreak and Chairman of the Green Property Alliance, said:
“We are delighted to combine forces with John, whom we have known for and collaborated with over many years. Responsible investment practices and resilient business models require an ever deeper understanding of futures trends and operating scenarios, and John’s knowledge and talent are a perfect fit for Hillbreak in this regard. We’re really excited about the added depth of capability that he will bring to our clients”.
Notes to Editors
About Hillbreak
Hillbreak provides training and advisory services to organisations seeking competitive advantage in a changing urban world. Its mission is to expedite the transition to a sustainable policy, business and investment environment by bringing intelligence, challenge and inspiration to its clients and stakeholders.
https://www.hillbreak.com/wp-content/uploads/2016/04/hillbreak-postcard-2.jpg665960Jon Lovellhttps://www.hillbreak.com/wp-content/uploads/2021/02/hillbreak-green.pngJon Lovell2017-01-27 08:00:322017-01-27 08:24:46Professor John Ratcliffe joins Hillbreak
The Environment Agency, the administrator of the UK Government’s CRC Energy Efficiency Scheme (“the Scheme”), has published its Annual Report Publication (ARP) covering the first 2 Compliance Years of Phase 2 of the Scheme. Hillbreak has analysed a selection of the data with a particular focus on real estate sector participants, especially those in the listed sub-sectors.
Key findings
Listed real estate companies are underperforming the wider economy when it comes to reducing carbon emissions. Whilst all participants in the Scheme yielded an average reduction in their emissions of 9.7% last year, the average reduction across listed real estate participants was only 0.48%.
Although the energy consumption data of each participant has not been published, it can be deduced that energy procured by listed real estate companies (a proportion of which may have been supplied to tenants) increased over the two Compliance Years, with all of the carbon reduction realised by the companies arising from improvements in the emissions factors attributed to grid electricity and natural gas.
Analysis undertaken by Hillbreak also shows wide variations in both the year-on-year carbon performance of listed property vehicles, as well as in their relative carbon intensity by market capitalisation.
The Exchequer generated a little under £1bn of total revenue from the sale of allowances in the 2015/16 Compliance Year, of which over £5.2m* came from the 18 listed real estate companies that are participants in Phase 2 (an average of £290,760 per organisation).
*Based on a blended allowance price of £16.25 per tonne of CO2.
Emissions trends
The chart below shows the absolute CRC emissions for each of the listed real estate companies that are participants in Phase 2 of the Scheme. It shows that emissions vary significantly between individual companies within each of the sub-sectors. This is unsurprising given differences in the scale and composition of their respective portfolios.
The change in emissions reported between the two Phase 2 compliance years is more revealing, as the graph below indicates. It shows an increase of nearly 50% at one end of the spectrum (a REIT with a heavy weighting towards central London offices) to a reduction of nearly 20% at the other (a REIT with a diversified portfolio, focused on London and the South East). The average level of reduction was only 0.48%, compared to an average across all CRC participants (in all sectors of the economy) of nearly 10%.
Carbon Intensity
The market capitalisation of the listed real estate companies varied significantly at the end of the 2015/16 Compliance Year (30 March 2016), from the largest at £8.729bn to the smallest at a little under one quarter of a billion pounds.
The variance in the carbon intensity (relating specifically to CRC emissions) is also very wide. There are five companies with a CRC carbon intensity of less than 5 tCO2 per £1m of capitalisation value, whereas the most carbon intensive shows over 35 tCO2 per £1m of value. The mean average is ~10 tCO2 per £1m.
Note of caution
Whilst these trends are interesting and noteworthy, caution should be applied to drawing conclusions about the energy and carbon performance of individual entities based solely on CRC data. This is because variations in energy consumption can be influenced by a wide range of factors, many of which are likely to be outside of a landlord’s control or reasonable influence. Key examples include the impact of portfolio churn (both the buying and selling of buildings and changes to the occupational profile), and changes in energy consumption by tenants who may be procuring the energy from their landlord (and which falls into the landlord’s CRC reporting boundary).
However, responsible shareholders in the entities showing the most significant changes in year-on-year emissions, and indeed those with a particularly high carbon intensity relative to market capitalisation, may be minded to investigate the underlying causes of these performance characteristics further.
It is also important to note that CRC emissions, which are limited to those associated with the majority of the electricity and gas procured by an organisation, do not represent the total footprint of greenhouse gas emissions for an entity. Amendments to the Companies Act 2006 also require UK quoted companies to report GHG emissions in their Directors’ Reports and these should be referred to by analysts seeking a more comprehensive view of the carbon intensity of their, or their clients’, investments.
The full Hillbreak dashboard CRC Emissions of Listed Real Estate is available to view and download by clicking on the image below.
CRC Emissions Of Listed Real Estate
https://www.hillbreak.com/wp-content/uploads/2016/12/roof-1878904_640.jpg480640Jon Lovellhttps://www.hillbreak.com/wp-content/uploads/2021/02/hillbreak-green.pngJon Lovell2016-12-21 22:33:312019-07-26 12:36:07Listed Real Estate lags on CRC emissions reduction
Hillbreak was the principal author on a major new report on the global real estate implications of the Paris Agreement on Climate Change, published today by the Urban Land Institute. The publication of the report coincides with the gathering of world leaders at the United Nations in New York, during which progress on the ratification of the Paris Agreement gathered significant pace.
The central element of the Paris Agreement is the aggressive scientific objective of holding the increase in the global average temperature to well below 2°C above pre-industrial levels and of pursuing efforts to limit the temperature increase to 1.5°C. The agreement is expected to have significant and far-reaching implications for national and municipal policy making and for business and investment decisions.
Here’s today’s press release on the report:
REAL ESTATE INDUSTRY MUST ADDRESS CLIMATE CHANGE TO MAINTAIN COMPETITIVENESS, SAYS NEW RESEARCH FROM THE URBAN LAND INSTITUTE
Paper analyzes the real estate implications of UN Paris Agreement on climate change
WASHINGTON (September 21, 2016) – As world leaders gather at the United Nations this week to ratify the Paris Agreement on climate change, a new paper released today by the Urban Land Institute (ULI) argues that many real estate organizations are not adequately prepared for the implications of the agreement, which was made at last year’s 21st annual Conference of the Parties in Paris (COP-21).
Entitled L’Accord de Paris: A Potential Game Changer for the Global Real Estate Industry, the paper provides an overview of the key issues that arose from the COP-21 agreement and outlines steps that the real estate industry can take in response. Since buildings account for nearly one-third of global climate-changing carbon emissions, the agreement could trigger significant changes in requirements for building design, development, operations and management. In order to remain competitive, the industry must proactively limit and respond to the effects of climate change, the paper says.
It notes that from a business perspective, taking action to address climate change can help real estate organizations manage risks and capitalize on new opportunities. Investors and developers who proactively respond to impacts of the Paris agreement can ensure that their buildings remain competitive within changing policy, market, and climate conditions. They are also likely to see bottom-line benefits, as improving energy efficiency to reduce the carbon impact of buildings is one of the most cost-effective solutions to mitigating climate change.
“As leaders in the responsible use of land, ULI’s global members have a pivotal role to play in addressing some of the greatest challenges facing our rapidly urbanizing world, including the pressing threat of climate change,” said Patrick Phillips, ULI’s Global Chief Executive Officer. “The Paris Agreement on climate change will have important implications for both developed and emerging real estate markets, including new business and investment opportunities. ULI has published this paper to support our members in navigating the implications of this agreement, and charting strategies for success.”
ULI leader Jon Lovell, cofounder of Hillbreak and principal author of the report, said, “the Paris Agreement was undoubtedly a landmark diplomatic success, but was only possible because of the groundswell of demand, action and support from business leaders, investors, mayors and industry bodies from across the world.” He added, “Given the value at stake and the weight of evidence collated by this paper, it would be naive to think that investors, tenants and regulators won’t all begin to turn the screws on real estate companies and asset owners. The message is clear — act now to address the implications of the Paris Agreement or face irrelevance in the market.”
According to the paper, the Paris Agreement has catalyzed a change in attitudes and expectations surrounding the real estate market. Organizations are under increasing pressure to divest from carbon-intensive companies and assets, and to engage with policymakers and stakeholders on sustainability issues. Furthermore, they are expected to demonstrate a heightened disclosure of carbon performance and the risk posed by climate change to their assets, and to retrofit development standards through new technologies and financing models. Assets that do not conform to these new standards risk low demand and suppressed value.
The first priority for real estate organizations, says the report, should be to audit their resilience against post-COP-21 impacts. The audit should include a review of the risk exposure of their assets and the capabilities and expectations of their stakeholders. The paper suggests a list of specific questions on the topics of climate risk, client and stakeholder expectations, competitor approaches, policy change, asset performance, value chain, people and processes.
L’Accord de Paris: A Potential Game Changer for the Global Real Estate Industry is a precursor for a more detailed report, including case studies, scheduled for release in October.
About the Urban Land Institute
The Urban Land Institute is a nonprofit education and research institute supported by its members. Its mission is to provide leadership in the responsible use of land and in creating and sustaining thriving communities worldwide. Established in 1936, the institute has nearly 40,000 members worldwide representing all aspects of land use and development disciplines. For more information, please visit uli.org or follow us on Twitter, Facebook, LinkedIn, and Instagram.
For more information, please contact Trish Riggs Senior Vice President of Communications at 202-624-7086 email: trisha.riggs@uli.org or Peter Walker, Vice President of Strategic Communications: +44 (0)20 7487 9586 or e-mail peter.walker@uli.org
About Hillbreak
Hillbreak is the new name in training and advisory services for organisations seeking competitive advantage in a changing urban world. Its mission is to expedite the transition to a sustainable policy, business and investment environment by bringing intelligence, challenge and inspiration to its clients and stakeholders. Please visit hillbreak.com for further information of follow us on Twitter, Facebook, and LinkedIn.
For more information, please contact Jon Lovell, Co-Founder & Director at +44 (0)7825 531031 or e-mail: jon@hillbreak.com, or Miles Keeping, Co-Founder & Director at +44 (0)7971 457959 or e-mail miles@hillbreak.com
https://www.hillbreak.com/wp-content/uploads/2016/09/urban-city-1245777_1280.jpg400600Jon Lovellhttps://www.hillbreak.com/wp-content/uploads/2021/02/hillbreak-green.pngJon Lovell2016-09-21 12:00:502017-08-04 15:24:40Real Estate Industry Must Address Climate Change to Maintain Competitiveness
Hillbreak has been appointed by the British Council for Offices (BCO) as part of a consortium led by Sweett Group, the provider of professional services for the construction and management of building and infrastructure projects, to provide multidisciplinary professional services on a 4-year research study on the Civil Service Government Hubs Programme. Other specialists in the consortium include Workplace Strategy, Ramidus and Unwork.
The government estate comprises around 8.6M m² and offices make up approximately half of this space. The rationalisation programme will create multi-departmental hubs in around 18-20 strategic locations across the country. The requirement for space will fall between 25,000m²-60,000m² and the new hubs will typically be Grade A office space which meets BREEAM Excellent standard.
In addition to the financial savings from consolidating into large, strategically located office hubs, a key aim is to provide buildings which enable and promote new and collaborative ways of working across government. The objective is to minimise the long-term cost of occupying the government’s office estate whilst obtaining modern fit-for-purpose accommodation which will be a positive influencer in the drive to reform the Civil Service.
Jenny MacDonnell, Director of Research and Policy at the BCO said: “We are delighted to work in partnership with the Government Property Unit (GPU) on this extensive research study. The BCO recognises this project has the potential to be the largest and most influential study of its kind within the UK and, potentially, globally”.
Miles Keeping, Director & Co-Founder of Hillbreak, said: “We’re absolutely delighted to be involved in this exciting and influential project which offers a rare opportunity to assess excellent case study information on the effects of property decision-making on organisational efficiency and the wellbeing of workforces. Hillbreak’s involvement will focus on identifying how the wellbeing of office workers is affected by decisions made about the buildings they work in. Working with GPU and the BCO on this great programme will hopefully enable us to help the property industry to play a fundamental part in improving the effectiveness of organisations.”
Sweett Group Regional Managing Director for London and the South East, Alan Manuel said: “We are enormously proud to play such an integral role on this major research study that will add immense value to the government’s estate across the country. The transformation project will not only influence significant cost savings, but it will also have a positive impact on health, wellbeing and productivity in the workplace.”
https://www.hillbreak.com/wp-content/uploads/2016/08/dandelion.jpg527740Miles Keepinghttps://www.hillbreak.com/wp-content/uploads/2021/02/hillbreak-green.pngMiles Keeping2016-08-09 15:47:342017-01-26 18:11:53Hillbreak appointed by BCO to research Civil Service Government Hubs Programme
Miles Keeping, co-Founder of Hillbreak, features in a new and detailed Property Week article on key limitations and failures in the building energy assessment market. The role of Energy Performance Certificates (EPCs), historically treated by many as merely an administrative licence to transact, has been brought into much sharper focus in the commercial and domestic real estate markets by the forthcoming Minimum Energy Efficiency Standards (MEES) regulations.
Miles comments on Hillbreak’s experience of advising clients in both transaction and portfolio risk management contexts, where examples of negligent energy assessments undertaken by third party assessors have been found. It’s a common problem in the market, the risk being for property owners that their Energy Performance Certificates will be challenged by potential purchasers and occupiers, leading to delayed deals and chipped prices. Assessors who issue inaccurate EPCs may also find that they face claims for damages arising from their negligence.
The article also announces that Keeping has been appointed to lead an industry group convened to provide the Department for Energy and Climate Change (DECC) with advice on additional guidance on EPCs and MEES, as well as to deliver training to civil servants in DECC and Department for Communities & Local Government.
https://www.hillbreak.com/wp-content/uploads/2016/05/miles_keeping.jpg557835Jon Lovellhttps://www.hillbreak.com/wp-content/uploads/2021/02/hillbreak-green.pngJon Lovell2016-05-30 15:13:162016-06-10 07:34:40Addressing market failures in the building energy sector
Hillbreak was proud to be a workshop partner and facilitator of the energy efficiency worksteam at the recent UK Green Building Council “City Summit” in Birmingham.
A report of the Summit has now been published which gathers together the key opportunities and challenges facing the city, and the resulting ideas and proposals which emerged from a series of multi-stakeholder workshops.
UK-GBC’s flagship annual event focuses on key sustainability challenges viewed through the lens of a different UK host city each year. The two-day conference immersesd delegates in the big sustainability issues facing cities, and delivered in-depth learning grounded in real life scenarios. Developed in partnership with Birmingham City Council, the goal was, and continues to be, helping to shape a lasting impact on the sustainability of Birmingham’s built environment, but this Summit is relevant for all those with a passion for sustainable cities and the outputs will be of value beyond Birmingham.
Hillbreak has recently completed an assessment of British Land PLC policies and systems in relation to the Government’s Minimum Energy Efficiency Standards (“MEES”). The MEES Regulations will restrict the letting of properties which have poor energy performance ratings from 2018, and are a therefore a key issue to address for responsible landlords and their investors.
We conclude that the company is well prepared for the Regulations and has proactively managed potential risks to value, albeit that continued vigilance and proactive risk management is required. An overview of our findings are captured in this blog, published by British Land.
https://www.hillbreak.com/wp-content/uploads/2016/04/broadgate.jpg600800Jon Lovellhttps://www.hillbreak.com/wp-content/uploads/2021/02/hillbreak-green.pngJon Lovell2016-04-12 17:48:482017-08-04 13:46:09Addressing Minimum Energy Efficiency Standards at British Land
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