NEWS
Real Estate Sector must be taking a lead role in Sustainability
Leading commercial property owners and agents in Liverpool say it is vital for the real estate sector to play a full part in the push for the UK to become carbon neutral in the next few years.
The current Government has already set a target for the nation to become carbon neutral by 2040 and, in the last few days, the Labour Party has upped the ante by saying if it was to win the next election, it would bring the target forward to 2030.
There is a fear among some in the business world that such targets are over-ambitious and put economic growth at risk. But commercial property owner, Aberdeen Standard Investments, as well as agents CBRE and Worthington Owen say the property industry cannot shy away from responsibility in the battle against climate change.
Grade A space
Aberdeen Standard Investments is the owner of Liverpool’s Royal Albert Dock complex as well as No 4 St Paul’s Square, which offers some of the last remaining supply of grade A office space in the city’s central business district.
No 4 St Paul's is one of the most sustainable buildings in Liverpool with an BREEAM rating of ‘excellent’ (BREEAM is the accepted measure in the real estate sector of the sustainability of a building).
With 109,000 sq ft of office space, the building offers occupiers a high degree of energy efficiency and is designed to make the most of natural light coming in, even in winter, and utilises infrared technology to control lighting.
Energy efficiency
CBRE and Worthington Owen are joint agents for No 4 and CBRE Liverpool director Neil Kirkham, said:
“Occupiers are now acutely aware of their own responsibilities when it comes to sustainability and will have their own energy efficiency targets.
We recognise this at CBRE and our specialist energy and sustainability team offers a high level of expertise and can support investors, occupiers and developers to meet the required standards and reduce both their carbon footprint and their operating costs.”
Worthington Owen director, Andrew Owen, added:
“Pushing for ever higher environmental standards in real estate isn’t just the right thing to do - it makes perfect business sense. Buildings such as No 4 St Paul’s already score highly when it comes to sustainability and we expect the next generation of developers to push that bar even higher.”
Risks and opportunities
Aberdeen Standard Investments is at the forefront of attempting to educate and advise asset owners and investors on the risks and opportunities climate change and the sustainability agenda poses for the real estate sector.
Aberdeen senior portfolio manager, Mark Briggs, explained:
“Right now, and going forward, real estate investors will need to grasp both how the changing environment will affect the value of their investments and about what their ethical and regulatory obligations will be as they create new space that meets sustainability targets.
No 4 St Paul’s Square is an excellent example of a space that meets the demands of forward-thinking occupiers. Historic buildings such as the magnificent Royal Albert Dock, now almost 175 years old, present different challenges.
But as a company, and as an industry, we passionately believe we have to play our part in ensuring we reverse the damaging effects of climate change and offer a positive and lasting legacy for future generations.”