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Landlords’ timebomb warning

wantspacegotspace.co.uk - Landlords’ timebomb warningMore than 2 million square feet of office space in the Bristol area is at risk of being deemed ‘unfit to let’ unless landlords wake up to new eco rules.

Under planned new legislation properties with a poor energy rating will no longer be able to be marketed for sale or let. This could affect an estimated 15 per cent of the stock in the city.

The new Energy Bill regulations which come into force in 2018 will mean buildings with an energy rating of lower than ‘E’ will need to be brought up to standard before they can be let or sold.

“Many landlords and property owners are sitting on a time bomb, unaware of the potential consequences of the new rules,” warns Paul Williams from property agents Bruton Knowles.

“Unless they take proper advice and start to take necessary action, then the consequences could be drastic. Five years might seem a long way off but landlords need to start planning early to protect their future income source.

“Time and again we see people ignoring new legislation until it’s upon us and then being forced to take emergency measures to deal with it. This is why we’re strongly advising our clients to look at the implications of the changes now.

“Planned preventative measures always work out to be more cost effective in the long run than the sticking-plaster approach. This is where we and other professionals can help.”

The changes will also mean that from 2016 commercial property tenants will be able to demand improvements if their building has a poor energy EPC (Energy Performance Certificate) rating.
However, although the new regulations will pose challenges, improved energy efficiency will make the property more attractive when it comes to market, says Paul.

“Sometimes a relatively small investment can be very effective  in reducing costs for landlord and tenant alike, for instance upgrading glass in windows, roof insulation and utilising the latest renewable energy technology,

“Energy saving is about cost saving. The key factor for most occupiers looking for greener buildings is to improve the bottom line by reducing running costs and making them more comfortable places for their staff to work in.”

The Energy Bill passed the House of Commons in June and is currently being considered by the House of Lords.

Posted by The Editor (wantspacegotspace) on 5th August 2013 (updated 19/08/2013)

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