Old buildings to receive new life as eco-friendly havens
A report in The Times property section explains that up to 50 buildings are to be targeted by a new Trust that aims to retrofit old buildings and turn these properties into eco-friendly, de-carbonised buildings ΓÇô a move that would go some way to helping government targets to be met within the property industry.
The Trust, a group consisting of The Carbon Trust, Threadneedle and Stanhope the property developer, are aiming to invest ┬ú100 million during its first 12 months and a further ┬ú250 million by the end of a 3 year period.
David Camp, the chief executive of Stanhope, was quoted as saying: ΓÇ£The timing is right from an economic and a carbon-challenge perspective to launch this fund. Not only is there money to be made in refurbishing existing building stock while there is a dearth of new development, but occupiers, especially those who will be affected by the Carbon Reduction Commitment, are looking for more support in managing their carbon emissions.ΓÇ¥
Reports suggest that around 40 potential tenants have already expressed and interest in taking space in the buildings, attracted by the 20% energy savings expected from the buildings once refurbished.
Once tenants have signed they will also receive assistance in helping to reduce their carbon emissions, leading to the potential of even greater savings for the tenants of these restored properties.