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With the government implementing new energy standards, landlord will be needing to step up to the new bench mark or risk their property being illegal to let. From April 2018 the Government will be setting a standard that buildings must achieve a minimum of an ‘E’ rating to be able to be lawfully let.
Landlords who do not make the E grade, which at the moment is 20% of commercial properties across England and Wales will need to invest a significant amount on property if they want to be able to get a tenant.
There is a further 19% of buildings which only just make the ‘E’ grade.
The benefits to the landlords of upgrading their energy systems is it is a selling point when it does come to a time to have a tenant as it will decrease the running costs and attract companies who have committed to a sustainable working place.
Eugene O’Sullivan a chartered surveyor and managing director at Morgan Pryce has said “Many landlords who have moved to green leases will not be effected by these changes and it is good news that landlord who don’t are being forced to increase the standards of the properties they let. This will mean better quality products on the market.”
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.