With the arrival of 2018, experts at JLL are reminding Southampton property owners that the deadline is fast approaching to ensure all residential or commercial properties have a minimum energy performance rating of E.
From 1 April 2018 the new minimum energy efficiency standards come into force, making it illegal to let commercial or residential buildings with anything less than an E rating.
Nella Pang, associate director at JLL’s office in Southampton, said:
“These new regulations have been a long time coming and the vast majority of landlords are well prepared – but there’s nothing like a deadline to drive change.
“We have been working with property owners across the Southampton area to ensure they meet the requirements. And in the majority of cases they have embraced this as an opportunity. Delivering higher than the minimum standards on sustainability often goes hand in hand with creating truly sought after space that puts occupiers’ wellbeing at its heart – whether it’s residential or commercial.
“Troika’s ambitious acquisition and redevelopment of Gateway House in Chandlers Ford, amongst others, is a prime example. The Dorset-based developer carried out an extensive refurbishment and significantly boosted its EPC rating from E to B.
“Even if landlords can’t follow Troika’s lead by going above the minimum requirements, sustainability and environmental credentials can no longer be ignored and property owners now have less than three months to get their houses in order.”
The new regulations coming into force are also expected to deliver opportunities in the sale and redevelopment of lower grade sites. Investors and developers may see acquisition costs fall for properties that currently sit below the minimum standard.
Nella added: “The new regulations are also likely to help deliver some creative solutions for those buildings that currently struggle to meet the requirements – potentially increasing the attractiveness of refurbishment investments where the price is right”.
