Governance
Financial Statements
Additional Information
Strategic Report
Solar We have in place a strategy to consider installing solar panels when undertaking refurbishment projects, so that the building has a renewable energy source which will also enhance letting prospects. A building’s EPC rating will also be improved with solar energy capacity in place. We have focused on utilising solar installations at our industrial assets due to the larger available roof space and usage and power considerations. The larger roof space can provide the opportunity to generate greater levels of electricity and so make a more significant contribution to reducing reliance on fossil fuels. We have also worked with our occupiers who are considering solar installations to help assess the viability of any schemes. The installation of solar panels provides a source of sustainable energy for a building, and has financial benefits. On-site solar generation can be used within the property, while excess energy can potentially be fed back to the grid. The feasibility of solar installations can depend on a range of factors. The property’s roof must be in a good condition and be able to carry the extra weight of a solar array. The ability to export electricity back to the grid has a number of constraints at a local level. No export capacity changes the financial modelling and business case for the installation. At the start of the year, we had five operational solar arrays across the portfolio with a capacity of 0.176 MWp. This year, we have completed the installation of solar arrays at a further five properties, increasing the generation capacity by 184% to 0.5 MWp. We now have solar generation at ten properties, In an ever-evolving market with new technology and expertise available, we actively seek opportunities to improve sustainability. Andy Lynch Head of Building Surveying
including our industrial assets at Bracknell, Gloucester, Harlow, Radlett and Warrington. We are continuing to assess the viability of solar installations on a case-by-case basis. Installations are currently taking place at our office building in Chatham as part of a decarbonisation project, and at another industrial unit at Radlett. We also have feasibility studies in hand at a further five properties. Building certifications Whilst our net zero carbon pathway is focused on reducing carbon emissions, we also recognise the value of building certifications to provide third party validation. We have three certified office buildings in our portfolio, at Metro, Manchester and Tower Wharf, Bristol, which were both awarded BREEAM ‘Excellent’ when they were constructed and Angel Gate, London, which has ISO 14001 certification. Further to this and recognising the importance of promoting sustainable travel choices, we have undertaken Active Score certifications (which measure provision of facilities for cyclists) at six assets this year: Farringdon Road, London, Pembroke Court, Chatham, 401 Grafton Gate, Milton Keynes and Angel Gate, London as well as at two of our industrial assets at Parkbury Industrial Estate, Radlett, and Grantham. Angel Gate and Farringdon offices received gold and silver ratings, respectively. Looking ahead, we plan to undertake further BREEAM or NABERS assessments at assets where it is appropriate to do so.
Net zero carbon building audits Last year we reported undertaking net zero carbon building audits at five representative assets across our portfolio including: / At our office assets; Pembroke Court, Chatham and 401 Grafton Gate, Milton Keynes / At our retail warehouse asset in Bury / At our industrial estates in Luton and Radlett The output from the reports has been valuable in helping define our decarbonisation strategy for multi-let office assets. We have undertaken a comprehensive metering survey across our service charge sites to ensure effective metering and improve energy reporting which is seen in the current year’s data. Whilst our strategy is to decarbonise our multi-let office assets, we continue to utilise the Asset IQ building management system to monitor and optimise energy efficiency at assets awaiting decarbonisation: 401 Grafton Gate, Milton Keynes, Pembroke Court, Chatham and 180 West George Street, Glasgow.
Green building certification 2024*
Asset type
Office
43% 17%
Industrial, Business Parks Industrial, Distribution Warehouse
29%
Hotel
0% 0% 0% 0%
Leisure
Retail High Street Retail Warehouse % of total portfolio
22%
*By floor area
Picton Property Income Limited / Annual Report 2024
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