Halloween is now in the distant past but there could be scary times ahead for commercial property owners unprepared for new Minimum Energy Efficiency Standards (MEES)coming into force in April. According to recent research carried out by Estates Gazette, almost £2 billion of rental income is under threat if commercial property owners don’t take steps to comply with these new regulations. They stipulate that any commercial property with an Energy Performance Certificate (EPC) with a rating of F or lower can no longer be rented out. The new rules come into effect in April 2023.
For the owners of Link and Upton Business Centres this has meant a considerable amount of forward planning in order to ensure their units are compliant. There are currently 9 units at Upton Business Centre and a further 31 at Link Business Centre in Malvern Link, with both centres being operated by father and son Martin and Mark Wilesmith.
The new rules don’t apply to the units at either Centre as they are already above Grade E. However looking further ahead to 2028-30, the stakes are raised as commercial buildings need to have an EPC rating of A or B . So Martin and Mark are currently undertaking a three-year programme to ensure all their properties have a minimum Grade B EPC rating by December 2023. 15 units have been oversheeted with only 6 remaining to be completed.
There are a number of benefits to occupiers as a result of these improvements, as Martin explains:
‘As a result of the oversheeting, occupiers will have lower energy consumption and the units will also be cooler in the summer. The new roof sheeting has a 40 year life expectancy. These benefits come with no financial contribution from our tenants. Our ultimate goal is to create a sustainable future for both Centres and continue to maintain a location where businesses thrive.’ concludes Martin
Link and Upton Business Centres offer high-quality industrial units and offices to rent in Malvern and Upton-upon-Severn. Call us on 01684 561238 for more information.