PictonProperty Income Limited Sustainability Report 2021
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SustainableBuildings
Introduction
Approach
Environmental Focus
Our Employees
Stakeholder Engagement
Appendix
Sustainable Buildings Ensuring buildings exceed expectations continued
MinimumEnergy Efficiency Standards (MEES) We continue to proactively manage our compliance with Minimum Energy Efficiency Standards (MEES) which stipulate that a new lease cannot be granted if the building has an EPC rating of lower than E. This ruling will apply to existing leases from 2023. Over the year we have reassessed 23 EPCs. The average new rating was C (reflecting a score of 64 points), which represents an improvement of 37 points on the previous year’s ratings. 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. Overall, 92% of the portfolio has an EPC rating of A–D. There is currently only one F rated EPC in the portfolio at our Newtonabbey building where we are liaising with the occupier to implement remedial works.
RumRunner Works, RegencyWharf, Birmingham Redevelopment and conservation
We note the UK Government consultation over a potential tightening of the MEES rules to a minimum B rating by 2030 and will monitor the outcome (we expect confirmation on the new regime in late 2021). Notwithstanding the legislative position, we see the value in enhancing the energy efficiency of our portfolio and will continue to proactively manage the position with regard to MEES. Looking ahead, the next year will see a further development in our sustainability focus as we set out our net zero carbon pathway and the scope of our TCFD reporting. We will continue to focus on local projects at an individual asset and occupier level to ensure that energy efficiency is embedded across our organisation as we start to prepare and implement individual asset plans in line with our net zero carbon pathway and targets.
Regency Wharf, Birmingham (which was last redeveloped in the late 1990s) is located on the iconic Gas Street Basin section of the Birmingham Canal Network, and also retains a locally listed wall and chimney from its original construction in the 19th century. Due to changing market conditions we are in the process of converting a section of the property into offices. The new office building will be called Rum Runner Works, in homage to a previous incarnation of part of the site as the influential 1980s Rum Runner nightclub. After a comprehensive design process the works have begun on site, and we are ensuring that sustainability is at the
forefront of our refurbishment plans, including: – Retention of existing structure and facades wherever possible – Recycling the existing M&E installations via the manufacturer – New air conditioning with heat recovery system – Sensor controlled taps – Local heaters to minimise storage and transfer of hot water – Motion controlled LED lighting systems – Independent electrical distribution to allow straightforward sub-metering – New solar panel system on the roof – Target EPC B Rating
Read more in table 1
92% A–D EPC ratings
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