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New EU rules delay fear for commercial deals
YORKSHIRE'S commercial property sector is going to be hit by delays to the introduction of the EU Energy Performance of Buildings Directive, according to industrial property agents Gent Visick.
"As with the HIPs delays in the residential market, there may
be too few qualified assessors to cope with the requirements of the Energy Performance of Buildings Directive due to come into force for industrial and commercial property," says Andrew Gent, of the Leeds-based firm.
"We believe there will be further delays to the introduction scheduled for April next year."
The legislation includes a stipulation that will make properties "illiquid" until such time as they have an Energy Performance Certificate (EPC).
While this doesn't affect occupiers not wishing to move, or landlords not intending to sell, it will stop those who have to dispose of their existing premises from completing on any sale or letting.
The legislation will also apply to investment properties and to the sale or letting of unoccupied property. In order to secure an EPC, owners will need accurate and up-to-date floor plans of buildings.
Under the terms of the directive, it will be against regulations to publish marketing material or to show potential occupiers around buildings until the EPC is in place.
"The laudable aims of the directive must be achieved within the overall structure of the industrial and commercial property market," said Mr Gent.
His business partner Rupert Visick said: "Coupled with other changes to rating schemes for unoccupied buildings due to come online in April 2008, the timetable for implementing this legislation could potentially be the cause of a serious bottleneck in the industrial market."
The directive is designed to improve energy efficiency and reduce carbon emissions, assisting the Government to meet its objectives of achieving a sustainable environment and meeting climate change targets agreed under the Kyoto Protocol.
From April 6, 2008, in addition to houses with four or more bedrooms, all commercial buildings in excess of 10,000 sq m will require an EPC on construction, sale or leasing whilst all
public buildings with a floor area of more than 1,000 sq m will require a Display Energy Certificate.
All buildings in excess of 2,500 sq m will require a certificate
by July 1, 2008 and from October 2008 the requirement for a
certificate will include all commercial buildings irrespective of size.
Buildings will be classified along similar lines to those currently used for white goods, ranging from class A to class G, with class A applying to the most energy efficient buildings.
An EPC will last for 10 years and all new buildings will require the certificate on completion.
Certificates for new build units will be enforced through existing building control procedures whilst Trading Standards will enforce certification of existing buildings.
Mr Gent added: "The software and the relevant criteria for calculating an indicative rating are already available, and the Government will shortly be announcing which bodies will be appointed to assess and accredit assessors.
"The key question is whether there will be sufficient time between now and April next year for the selected bodies to certify sufficient assessors."
"Pre-empting the shortage of assessors is the only precaution any business or landlord can take, and acting now to obtain indicative ratings ahead of when required could prove to be a very smart move."
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Wednesday 23 May 2012
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