The study looked at 35 UK retail centres. It found improvements are most pronounced for centres over 25 years old. For an average £100m shopping centre in the UK, this translates into higher market values of at least £105 million when energy intensive equipment is replaced with new. For centres less than five years old, the analysis shows a value gain of over one per cent is possible. Failure to undertake energy efficient investments therefore risks losing around £5 million.
Specifically, the statistics say top savings are derived from replacing lighting, escalators, lifts and heating, ventilating systems, and air conditioning (HVAC) units.
‘Shopping centres are one of the biggest single contributors to CO2 emissions in the UK commercial property sector,’ said Rebecca Pearce, EMEA head of sustainability, CBRE.
‘To finally have evidence to prove energy efficiency is not just a costly exercise without financial benefits is massive for our industry.’
There are other gains to be made from upgrading outdated systems and equipment too.
In the case of lighting: consumers under intelligent, clearly defined, modern lighting can see products better. Ultimately, not only are values raised; the shopping experience is enhanced too.
Recommendations say shopping centre owners should embed analysis of energy performance. Regular life cycle assessments such as benchmarking of energy costs against total service charge should be used. Equally, monitoring energy costs as a proportion of rental income is key.
Yet despite this there seems to be a reluctance to take up energy efficiency financing schemes. Greenlite, who have supported the study, provide their own financing scheme which allows clients to pay for the cost of their upgrade through monthly payments which can be off-set by the savings made on energy bills.
For more information about Greenlite, visit: www.greenliteuk.com