Strategic Report
Financial Statements
Additional Information
Governance
Sustainable buildings We are committed to monitoring and enhancing the environmental performance of our buildings and ensuring they are resilient to changes in both climate and the regulatory environment. Over the year we undertook energy audits at two buildings in order to identify improvement measures and continue to develop our strategy for onsite solar power and the introduction of electric vehicle charging facilities. We will be undertaking specific net zero carbon audits of four buildings over the coming year. We have also been implementing our refurbishment guidelines which were introduced in 2021, utilising refurbishment opportunities to remove fossil fuels from buildings at Regency Wharf, Birmingham, Angel Gate, London and 50 Farringdon Road, London. EPCs This year we have amended the basis for reporting our EPCs to better reflect risks and recognising the diversified nature of the portfolio. Looking at the percentage of EPC ratings by estimated rental value (ERV) of our portfolio, 71% have an EPC rating of A-C, 29% are rated D or E and only 0.2% is rated F or G. We continue to use lease events, common area works and EPC renewals to implement improvement works with the overall aim of continually improving our EPC score and ensuring compliance with MEES. Energy audits During 2021 we undertook energy audits at 401 Grafton Gate, Milton Keynes, and Atlas House, Marlow. Our planned audits at 50 Farringdon Road, London and Longcross, Cardiff have been postponed because of the works which were being undertaken at these buildings to improve the heating and cooling systems and remove their gas supplies. Adjustments to systems recommended in these reports have been undertaken. Whilst the impact of the pandemic on building occupancy and systems operation makes like-for-like comparison of energy consumption more difficult, by comparing consumption figures in early 2022 (when office occupancy at our buildings was returning to more normal levels) with levels in 2019, we can see that consumption has fallen by as much as 35% at the buildings, as a result of the audit recommendations.
In addition to the energy audits, over the year we have also prepared high level sustainability action plans at all our multi-let assets. These plans cover areas including biodiversity and social amenities as well as energy efficiency. Over 2022 we will implement the improvement measures identified. We will be undertaking net zero carbon audits to establish a strategy for reducing carbon at a representative sample of our building types at Parkbury Industrial Estate, Radlett, Sundon Business Park, Luton, Angouleme Way, Bury, 401 Grafton Gate, Milton Keynes and 50 Pembroke Court, Chatham. Green leases We have continued to incorporate sustainability clauses into our leases. During the year we have completed another 42 green leases, bringing the total to over 30% of all current leases in place. Biodiversity Biodiversity measures were rolled out across more of our industrial estates during this year and we have made this a topic for discussion at our occupier meetings. Through doing this we have been able to adjust our landscaping procedures for example at Easter Court, Warrington where some grassed areas have been turned over to wildflower growth. The refurbishment at Regency Wharf, Birmingham, included the installation of a green wall in the reception area. We also expanded our beehive numbers with a further installation at Metro, Manchester. We have started to embrace the biodiversity measures in the Better Buildings Partnership Responsible Property Management Toolkit, for example by commissioning more biodiversity surveys at locations such as Angel Gate, London. Water and waste Carbon emissions associated with the purchase and disposal of water are a low materiality issue for us in comparison to our other emission sources such as landlord and occupier energy consumption. We aim to implement water-saving measures such as water sub- metering, target-setting, new water-saving technology, and recycled water use across the portfolio.
Picton Property Income Limited Annual Report 2022
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