National commercial property and investment company LCP, part of M Core, has acquired a busy edge-of-town retail park in Kidderminster, Worcestershire. Weavers Wharf is a 220,000 sq ft retail park, just a few minutes’ walk from Kidderminster town centre, with anchor tenants Marks & Spencer, Next and TK Maxx, Café
The outlet, located in Wembley Park and now in its tenth year, has also recorded its sixth consecutive month of record-breaking trading as May figures topple over the £8m mark London Designer Outlet (LDO) today announces a bumper crop of upsizings at the capital’s leading fashion and lifestyle destination. Guess,
Balfour Beatty Investments (BBI), part of leading international infrastructure group, Balfour Beatty, has unveiled proposals for a flagship student living scheme at 8 Torwood Close, in Westwood Heath, Coventry. The plans, which are now subject to a consultation, will provide approximately 780 student bedrooms across two buildings as well as
The latest research from Searchland, the development site sourcing specialists, has revealed that industrial land plots are the only land type to have seen an increase in property development interest since the first quarter of this year. Searchland’s Land Development Demand Index monitors appetites for land plots across England based
Increasing council tax is not the answer say Colliers- who call for further reform of the business rates system. Local and central governments are losing out on millions of pounds of council tax income because the Government’s business rates system is still giving many holiday home and second homeowners the
Custodian Property Income REIT (LSE: CREI), which seeks to deliver an enhanced income return by investing in a diversified portfolio of smaller regional, core/core-plus properties across the UK, today announces its final results for the year ended 31 March 2023. Commenting on the final results, David Hunter, Chairman of Custodian
Troy, the largest independent network for industrial and engineering supplies in the UK, has today announced a £15.5 million investment from BGF – one of the biggest and most experienced investors in the UK and Ireland – to support its growth strategy. A family-run business, founded in 1986 and based in
Essex based property Beresfords has recently been appointed to market the stunning Woodlands Park development, built by prestigious award-winning house builder Wickford Development. Located in Great Dunmow, Essex, the development currently includes five, four and three-bedroom high-quality family homes – with prices starting at £455,000. The homes are being built
The latest research by London lettings and estate agent, Benham and Reeves, has revealed what it takes to purchase a property in the top one percent of the property market, with the average buyer requiring an estimated income of £4.7m in order to do so. Benham and Reeves analysed sold
Leeds City Council, Lloyds Banking Group and Arup have been successful in their Green Homes Finance Accelerator Bid, to test and develop financial products for homeowners which enables building retrofit, and improve energy efficiency and comfort for residents. The new funding awarded through the Net Zero Innovation Portfolio (NZIP) by
National commercial property and investment company LCP, part of M Core, has acquired a busy edge-of-town retail park in Kidderminster, Worcestershire. Weavers Wharf is a 220,000 sq ft retail park, just a few minutes’ walk from Kidderminster town centre, with anchor tenants Marks & Spencer, Next and TK Maxx, Café Nero, Boots, Sport Direct, McDonalds and TruGym. Premier Inn is also on the site. LCP acquired the centre for an undisclosed sum from Nuveen Estate as part of its proactive acquisition drive in shopping parades, centres and retail parks across the country. James Buchanan, LCP group managing director, said “This significant investment demonstrates our appetite for acquisition and our focus on intensive asset management, where we want to realise opportunities for adding value. “As well as achieving a good return on our investment, we’re committed to improving our retail estate, providing better value for money for tenants and, where there are voids, attracting good-quality brands, ensuring a better shopping experience, and, of course, helping to bring jobs. “It is thanks to the hard work by our team, who identify the sites for us to acquire, then use their considerable expertise and extensive contacts to attract tenants, that our strategy is working.” Simon Eatough, director of landlord and tenant at LCP, will lead the asset management team. Situated on the edge of the West Midlands bordering Worcestershire, 17 miles south-west of Birmingham and 15 miles north of Worcester, Weavers Wharf Shopping Park is accessed via the A456 Park Butts Ringway. There is a pedestrian link to the high street and the adjacent Tesco Superstore. M Core is on a strong acquisition drive, investing in all commercial sectors throughout the UK and Europe. Major UK acquisitions include Cwmbran Centre, Cwmbran; The Galleries, Washington, Sunderland; and Three Spires in Lichfield. It has £300 million available to invest for assets ranging from £500,000 to £30 million and portfolios up to £150 million, and is actively seeking sites for acquisition. LCP’s solicitor was Catherine Gunz at Osborne Clarke and Simon Lewis at Lewis Ellis acted as agent. For the vendor, agent was Paul Williams at Morgan Williams and solicitor was Chris Swallow at K&L Gates. Weavers Wharf has five units available, from 1,256 sq ft to 30,000 sq ft, for more information about availability, contact Simon Eatough: SEatough@lcpproperties.co.uk, or agents for the scheme; Chris Linnel, of McMullen Real Estate and Camilla Clifton of Morgan Williams. Building, Design & Construction Magazine | The Choice of Industry Professionals
The outlet, located in Wembley Park and now in its tenth year, has also recorded its sixth consecutive month of record-breaking trading as May figures topple over the £8m mark London Designer Outlet (LDO) today announces a bumper crop of upsizings at the capital’s leading fashion and lifestyle destination. Guess, Levi’s, The North Face and Lindt have all invested further into their commitment to the LDO following successful trading, with Timberland joining the centre. This latest swathe of store upsizes comes as the centre announces its sixth consecutive record-breaking month of trading. Now in its tenth year, the outlet destination has smashed all previous records set for the months of December through to May, exceeding performance expectations. Trading figures recorded in May have surpassed £8m and beat the previous May record (2019) by 5%. Guess, which has been at the centre for over nine years, will increase its store size by 40% from 3,576 sq ft to 5,016 sq ft in order to introduce a new flagship concept and expand its offer to include menswear and childrenswear. After over seven years of successful trading at the centre, Levi’s will also increase its brand offering by 51% as it upsizes from 2,476 sq ft to 3,744 sq ft. The North Face has committed to a 30% upsizing, increasing its footprint at the centre from 2,770 sq ft to 3,606 sq ft. Timberland will also be joining the LDO having signed a lease to occupy The North Face’s previous unit. Following Lindt’s stellar success at the LDO – the store is the brand’s best performing in the UK without an onsite café – the Swiss chocolatier and confectionary company is investing over half a million pounds in a new fitout, to introduce a leisure offer with a café, incorporating both gelato and hot chocolate counters. Matt Slade, Retail Director at Quintain, said: “These brands’ commitment to further investment in the LDO demonstrates how compelling the centre is as a retail destination to some of the world’s best brands, as well as its longstanding excellent centre performance. “Brands are aware that consumers today expect more from their physical shopping experience, and outlets are no different. The LDO is a testbed for brands launching experimental stores and upsizes following the reassurance of years of successful trading and proven track record of brand performance at the centre. “These upsizings and store upgrades demonstrate the strength of the outlet proposition, which provides customers with greater perceived value through a premium shopping experience that ultimately boost sales.” These latest deals follow a number of new flagship roll-outs by existing brands at the centre, with 20,612 sq ft of additional space being taken by long-standing stores at the LDO since 2020, including global sportswear giants Nike and adidas, as well as fashion behemoths Tommy Hilfiger and Calvin Klein. The LDO, managed by Realm, the UK’s specialist outlet operator, is one of only a few outlets that blends retail, F&B, leisure and events in an easy-to-reach urban setting. It features 265,000 sq ft of retail and leisure space, including 70 outlet stores, and offers guests year-round discounts of up to 70%. Daniel Tomkinson, General Manager, London Designer Outlet said: “It is with great pride that we welcome these new store upgrades from Guess, Levi’s, North Face, Timberland and Lindt, as it demonstrates unyielding confidence in the centre. “Whilst footfall at the centre is boosted by a varied programme of global sporting and music events, it is the LDO’s appeal amongst an extensive local catchment that are choosing to visit often and spend more, which has enabled the centre and its brands to go from strength to strength. “This is evidenced the by the consecutive record-breaking trading months that the centre has recorded over the past six months. These upsizing decisions are a clear indication of how compelling the business case for destinations like London Designer Outlet is.” London Designer Outlet is at the heart of Wembley Park, which features plentiful transport links. Minutes from central London, Wembley Park is easily reached by three tube lines, two train lines, eight bus routes plus ample car parking. Building, Design & Construction Magazine | The Choice of Industry Professionals
Balfour Beatty Investments (BBI), part of leading international infrastructure group, Balfour Beatty, has unveiled proposals for a flagship student living scheme at 8 Torwood Close, in Westwood Heath, Coventry. The plans, which are now subject to a consultation, will provide approximately 780 student bedrooms across two buildings as well as shared cluster rooms for students, and a range of amenities including study areas, lounges, cinema room, and a gym. Green roofs, terraces and outdoor courtyards are also included, with the aim of creating a cohesive student community which maximises the student experience and enhances wellbeing. The proposed site is strategically located a short distance from the University of Warwick and is currently an underutilised stand-alone office block. The site is situated between an existing student accommodation campus and a proposed scheme, which has recently been granted planning consent. Balfour Beatty Investments, said: “The proposed site at Torwood Close is ideally suited to student accommodation. Situated close to the University of Warwick and easily accessible from Coventry University, the proposals can quickly meet the growing demand for student beds. “Importantly, it will help unlock existing family housing elsewhere in the city rather than force students to rely on HMOs and the private rented sector. “Part of a wider transition within the area, our proposals will be highly sustainable and make use of a prominent brownfield site. We look forward to engaging with the community and others to ensure the benefits are maximised.” A public consultation has now been launched. You can find out more about the proposals, and leave feedback, by attending a public exhibition on 12th July, 3pm-7pm at 8 Torwood Close, Westwood Heath, Coventry. A consultation website will be made live on 12th July at 7pm. Building, Design & Construction Magazine | The Choice of Industry Professionals
The latest research from Searchland, the development site sourcing specialists, has revealed that industrial land plots are the only land type to have seen an increase in property development interest since the first quarter of this year. Searchland’s Land Development Demand Index monitors appetites for land plots across England based on the number of available opportunities within the market that have already been snapped up by developers.* The latest index shows that developer demand has cooled during the second quarter of this year, down -2% since Q1. However, demand remains robust with 45% of all available land plots having already been sold subject to contract. The East Midlands (+1%) and London (+0.4%) are the only regions to have seen positive movement when it comes to the quarterly change in developer demand across the board. Land only plots remain the most in-demand development plot with current demand at 46%, although the appetite for such opportunities has cooled by -2% since the start of the year. London is the only region to have seen a quarterly boost in land only development demand. Farm land also remains popular with current demand at 43%, although again, this is some -4% off the pace set during Q1. However, the North East (+23%), East of England (+17%), North West (+10%) and East Midlands (+7%) have all seen positive growth in demand for farm development opportunities. Industrial development sites are not only the third most in-demand in Q2 at 38%, but they are also the only development type to have seen positive quarterly growth overall. Demand for industrial development opportunities has crept up by 0.4% since the start of the year, with Yorkshire and the Humber driving this growth where all industrial development plots are currently sold subject to contract. Demand for commercial and residential plots sits at 35% a piece, with both sectors seeing a respective reduction in demand of -1% and -4%. Co-founder and CEO of Searchland, Mitchell Fasanya, commented: “Developer appetites remain highest for land only plots as it allows them the freedom to realise their ambitions from the ground up, however, it’s clear that the wider economic picture is starting to dampen their enthusiasm with demand declining since the start of the year. In fact, industrial plots are the only land type to have seen a marginal uplift in this respect although there is positive movement across almost every land type when breaking the market down on a regional level. Demand remains lowest for both residential and commercial plots and with interest rates continuing to climb while market values stagnate, we expect this to remain the case throughout the remainder of the year.” Data tablesData tables and sources can be viewed online, here. Building, Design & Construction Magazine | The Choice of Industry Professionals
Increasing council tax is not the answer say Colliers- who call for further reform of the business rates system. Local and central governments are losing out on millions of pounds of council tax income because the Government’s business rates system is still giving many holiday home and second homeowners the opportunity to avoid paying the tax, provided they make their properties available to rent and do so for just 10 weeks of the year. Colliers estimate the total loss to government due to the system of business rates relief for holiday lets in England and Wales alone is now around £170 million a year (2023/2024) – a significant sum that could certainly help bridge the gap in local government finances. Property owners who make their properties available to rent as holiday lets for 140 days of the year can claim they are a small business and as such can elect to pay business rates instead of council tax. However as small businesses they can claim for relief on 100% of the business rates payable if their properties have a rateable value of less than £12,000. Those properties with a rateable value between £12,000 and £15,000 are also entitled to a relief on a sliding scale in line with the Government’s business rates relief policy. Colliers has analysed the rating list for the Southwest of England (Cornwall, Devon, Dorset and Somerset ) where 13,085 new properties, claiming 100% business rates relief have entered the list in the last six years- more than double the number claiming at the start of the 2017 Rating List. The South West now has 23,817 self-catering holiday let properties in the rating list that are eligible for 100% business rates relief and so don’t pay the tax. Colliers has estimated that if these properties at least paid council tax, the local councils would benefit by over £53 million of income. The issue is most acute in Cornwall where 12,065 holiday let properties do not pay either business rates or council tax, due virtue of being holiday lets and classified as non domestic. Colliers estimate that if these properties paid council tax, over £27 million of extra income would be raised every year in Cornwall alone.* The Government has taken some steps to close abuse of this loophole. Since April 2023 a property can only qualify to be in the business rates list if it is made available for rent for 140 days a year and let out for short periods totalling at least 70 days. However, as John Webber, Head of Business Rates at Colliers points out, “These measures are not strong enough to deter businesses “flipping” into the business rates list and thus reducing the local authority’s ability to collect funds. A second homeowner can still let out their property for only 10 weeks of the year and would be able to avoid paying any business rates or council tax. The fact that the number of properties entering the business rates lists is still growing, is a testament that the deterrent is not working. “ Meanwhile there has been a boom in house prices in recent years, particularly the South West, which has been highly impacted by second homeowners. House prices in Cornwall alone have risen over 63% in the last five years. ** Looking at England and Wales as a whole, the picture is even more startling. According to Colliers there are now over 85,044 holiday let properties in the business rates lists in England and Wales that are eligible for 100% business rates relief, and as such do not pay business rates or council tax. Colliers estimate this is reducing income to local authorities of around £170 million a year. Webber continued, “Despite posturing little has been done by the government in the last five years to properly reform the business rates system. This is especially extraordinary given the pressure on local authority finances, and the subsequent need for central government to fill any gaps. The local tax burden remains weighed onto residents or other types of businesses that are struggling to pay their council tax bills, which have again risen substantially in this last year. Meanwhile agents selling properties in popular domestic holiday areas positively advertise the rates savings advantages, which has probably contributed to the further rise in house prices.” Webber continued, “Cornwall Council by increasing council tax by the maximum allowable this year while at the same time cutting services, are simply missing the point if they believe ‘quadrupling’ council tax on second homes is the answer. Doing that will only force even more people to flip from council tax to business rates. I am not sure it takes a genius to work that one out.” “While Local Authorities may be compensated by Central Government in some respects for these losses, the point is less money will be collected locally which will mean less to spend on services- unless of course the magic money tree is being shaken by the cash fairies in Whitehall.” “While politicians bicker about the lack of social housing in places like Cornwall and portray people buying second homes as the villains, if they charged holiday let owners at least the same as a council taxpayer they would have received over £100 million to build affordable housing in Cornwall alone. The problem is not second homeowners, it is politicians failing to understand the issues and having the courage to do something about it.” “The fact that this trend of flipping from the council tax to the business rates list is growing every year is also a real cause of concern. Two years ago, we estimated the loss of income to government was £110 million, last year it was £150 million and this year it will be £170 million. Such loss of council tax every year will soon mount up over the years, with the government increasingly needing to bail out local authorities. The government really needs to reform the whole system and do it thoroughly.”
Custodian Property Income REIT (LSE: CREI), which seeks to deliver an enhanced income return by investing in a diversified portfolio of smaller regional, core/core-plus properties across the UK, today announces its final results for the year ended 31 March 2023. Commenting on the final results, David Hunter, Chairman of Custodian Property Income REIT, said: “Our strategy of investing in smaller, regional, core/core-plus property demonstrated its relative resilience and defensive qualities this year as the market corrected to the new interest rate environment, with the Company’s portfolio experiencing a 11.8% like-for-like decline in valuations compared to a 17% market decrease. “Since the year end we are beginning to see some optimism returning to real estate markets following six months of economic turbulence. Valuations appear to have largely stabilised and the Company saw a return to a positive quarterly NAV total return per share in Q4. “Recurring (EPRA) earnings per share of 5.6p for the year compares to 5.9p in 2022 and 5.6p in 2021. While capital valuations have fluctuated, the underlying occupational property market has remained strong, maintaining relatively stable income returns. “Capturing rental growth to support earnings is a key focus of the Investment Manager in the coming year. In an inflationary environment and with a lack of supply of modern, smaller regional properties we expect to see continued rental growth. It will be this growth in income that is likely to form the greater component of total return over the next phase of the property market and we believe that Custodian Property Income REIT’s strong income yielding portfolio, supported by higher-than-peer group EPRA earnings, will underpin shareholder returns.” Building, Design & Construction Magazine | The Choice of Industry Professionals
Troy, the largest independent network for industrial and engineering supplies in the UK, has today announced a £15.5 million investment from BGF – one of the biggest and most experienced investors in the UK and Ireland – to support its growth strategy. A family-run business, founded in 1986 and based in Exeter, Troy is Britain’s leading independent MRO (maintenance, repair and overhaul) product distributor, serving the industrial, engineering and trade sectors nationwide via its distribution centres and buying group of 400-plus members. Passionate about championing independent merchant businesses, Troy delivers value for its members via instant access to more than 420 suppliers of leading industry brands at the best possible purchasing terms, a best-in-class business support system, an invaluable network of people, and an investment platform to ensure local businesses are future-proofed. With further investments in 16 member businesses to date, Troy has delivered value growth via system enhancements and group synergies. Troy and its members service a range of sectors including general manufacturing, rail, renewable energy, automotive, medical, aerospace and trade, with a broad product offering including power tools, cutting tools, fixings, fastenings and PPE. Under the leadership of Paul Kilbride, who acquired Troy in 2010, the business has experienced rapid growth and is now the largest independent distribution network in the industrial and engineering sector in the UK with a turnover of over £300 million. BGF’s financial support will further accelerate the company’s growth strategy. In addition to the investments the group has made within the membership over the last five years, there is also a significant pipeline of opportunities identified post-investment. Troy has appointed former Wickes CEO Simon King as Non-Executive Chair, following an introduction from BGF’s Talent Network – the largest pool of non-exec talent in the UK. Paul Kilbride, Chief Executive at Troy, said: “To deliver our strategy of structured growth, we required a minority investment partner that recognised the capabilities of Troy. “We are confident that with BGF as key allies we will maintain our growth trajectory and realise the company’s ambition.” The new £15.5 million investment deal was led by James Skade and Hannah Waters, investors in BGF’s Bristol-based South West team. BGF investor James Skade said: “This is a great opportunity for BGF to invest in a thriving national business network with an excellent reputation and a huge potential for growth. “We are delighted to be working alongside Paul and Simon and look forward to supporting the business to deliver on its ambitious growth plans.” Simon King, non-exec chair of Troy, said: “I’m excited to be joining the board of Troy, working alongside the wider team and BGF to capitalise on significant market opportunities and to position the business for further growth.” Advisors to BGF on the transaction were Tim Roberts, Martin Davidson, Rachael Ruane and Amy McVey (Burges Salmon), Tom Ayerst and Jack Jones (PwC). Advisors to Troy UK were Paul Bevan (Breeze Corporate Finance), Matt Eves, Dave Guy and Hannah Nonas (EY) and Mark Rutherford and Anna Mayfield (Gateley plc). Building, Design & Construction Magazine | The Choice of Industry Professionals
Essex based property Beresfords has recently been appointed to market the stunning Woodlands Park development, built by prestigious award-winning house builder Wickford Development. Located in Great Dunmow, Essex, the development currently includes five, four and three-bedroom high-quality family homes – with prices starting at £455,000. The homes are being built using traditional construction techniques, with more than 80 house types available that are aesthetically different to other large residential developments. Traditionally built with high-quality brick and concrete block materials, there are numerous external finishes that have been employed across the varying house types, to give each plot a distinctive feel. To further enhance the character of the estate, rendered finished have been strategically chosen and selected house types include sparse use of Eternit weatherboarding to complement the finishes and colours. The thoughtful architectural designs add to the palette and tapestry of each house, giving Woodlands Park its own unique identity and sense of place. The properties include either sliding sash or casement windows to suit to the style of the house and some have been fitted with bi-fold doors. All the plots have a laid patio and turfed lawn, with planting to the front garden, brindle block paviours laid in the driveways, parking courts and raised road platforms. Beautiful, landscaped gardens are included around and across the development and Wickford Development has planted and nurtured hundreds of trees across the site, to ensure the ambience of the estate is enjoyed by those living and visiting Woodlands Park. As part of its marketing efforts, Beresfords has also designed new branding for Woodlands Park which includes a refreshed logo and updated colour scheme as well as new banners and sales boards across the park. Joe Waller, new homes manager at Beresfords, said: “We’re delighted to be representing Woodlands Park in Great Dunmow, working with Wickford – who we have a long-standing relationship with. “Wickford are passionate about providing excellence in building high-quality homes across its sites. Acting as the agent on behalf of the company and marketing these exceptional, award-winning homes is something we that we are extremely proud of. We look forward to meeting prospective buyers as they look to purchase their dream home in Essex.” Wickford Development prides itself on providing quality from start to finish, and over the last 50 years its top-class team have collectively won more than 41 individual NHBC Pride in the Job awards – including 12 times regional winner and UK finalist. Stephen Hammond, managing director of Wickford said: “Following on our success at Woodlands Meadow, Wickford are delighted to be working with Beresfords at Woodlands Park, Great Dunmow. We keenly anticipate selling our NHBC award winning homes via Beresfords knowing they will provide an excellent service to Wickford and to the new home purchaser.” Building, Design & Construction Magazine | The Choice of Industry Professionals
The latest research by London lettings and estate agent, Benham and Reeves, has revealed what it takes to purchase a property in the top one percent of the property market, with the average buyer requiring an estimated income of £4.7m in order to do so. Benham and Reeves analysed sold price transactions for homes sold across London so far in 2023, looking at the median sold price of the top one percent of these properties, before calculating the required income needed to buy based on placing a 15% deposit and at an average income to lending ratio of 4.5 times salary. The research shows that so far across London, 8,119 homes have sold in 2023 with an average sold price of £525,000. However, the average sold price seen across the top one percent of the market comes in at a far heftier £4.75m. This means the average buyer looking to purchase in the top one percent of the London property market would not only have to put down a deposit in excess of £700,000, but they would need to earn almost £900,000 a year to qualify for a mortgage at 4.5 times income. Of course, across the nation’s most expensive market of Kensington and Chelsea, the required income is far, far higher. So far this year, the top one percent of homes sold across the borough have averaged £24.7m, meaning those looking to purchase at this very top tier of the market would require an annual income of almost £4.7m. Camden ranks second where the top one percent of homes have sold for an average of £14.1m in 2023, requiring an income of £2.7m. Westminster completes the top three, where an average sold price of £13.75m across the top one percent of the market so far this year means buyers would need to earn £2.6m a year to qualify. Those looking to buy in the top one percent of the market across Lambeth (£1.3m), Richmond (£1.2m), Merton (£1.1m) and Hammersmith and Fulham (£1.1m) would also need to earn in excess of £1m per year in order to do so. Even at the other end of the table, the top one percent of homes across Barking and Dagenham have sold for an average of £825,000 since the start of the year. While it’s the only borough where the average price of a home at the very top of the market sits below the £1m mark, buyers would still need to earn almost £156,000 a year to make their move. Director of Benham and Reeves, Marc von Grundherr, commented: “The London market is notoriously expensive even for the average buyer, but for those looking to purchase a home at the very top of the ladder, the finances required are quite mind boggling to say the least. The average price paid across the most exclusive pockets of Kensington and Chelsea is currently sitting at almost £25 million so far this year. Of course, those with the financial firepower to make such a purchase are unlikely to be phased by lending restrictions, but to put it into perspective, the average buyer would need an income of almost £4.7 million a year in order to qualify.” Data tables Data tables and sources can be viewed online, here. Building, Design & Construction Magazine | The Choice of Industry Professionals
Leeds City Council, Lloyds Banking Group and Arup have been successful in their Green Homes Finance Accelerator Bid, to test and develop financial products for homeowners which enables building retrofit, and improve energy efficiency and comfort for residents. The new funding awarded through the Net Zero Innovation Portfolio (NZIP) by The Department for Energy Security & Net Zero, will support the delivery of the council’s commitments in the Net Zero Homes Plan, which includes establishing a simple one-stop-shop with trusted advice and available finance as a key commitment. Retrofitting homes, the process of making changes to existing buildings so that energy consumption and emissions are reduced, is a key solution in simultaneously tackling climate change and the cost-of-living crisis. Devising a solution that makes the process more straightforward and cost-effective will help homeowners and tenants reap the financial and environmental benefits of a more energy efficient home. Leeds City Council, Lloyds Bank Group and Arup, along with a number of local West Yorkshire organisations, are collaborating to lead the way in how building and energy efficiency improvements and retrofit can be delivered to homes across Leeds. With their Green Home Finance Accelerator (GHFA) grant, the consortium is actively exploring how to make retrofit more straightforward and financially attractive to homeowners. The project is initially looking to support around 1,000 households become more energy efficient and help residents save money through innovative, scalable and replicable energy efficiency, retrofit and finance products. The purpose of this scheme is to create a prototype One-Stop Shop (OSS) solution that can be replicated and scaled to allow rapid adoption across the UK. The OSS aims to provide a seamless journey for customers to find the best solutions for their home, options for installation and provide finance. Current challenges for homeowners include high cost, complexity and difficulty finding suppliers. To respond to these challenges, the consortium has identified a set of priorities which underpin the concept. These include improving the customer process; offering a targeted range of retrofit options; and financial options to pay for retrofit solutions. GHFA funding will be used to design and test a potential Property Linked Finance offer and a smart tariff technology package as part of the wider OSS retrofit project. The OSS concept aims to support customers on a whole house retrofit journey, tailored to the requirements of the property and the customer’s timescale and budget. This can be individual upgrades or whole packages. Councillor Helen Hayden, Executive Member for Infrastructure and Climate, said: “Helping homeowners to access and afford energy-saving green upgrades for their own properties is a big piece of the puzzle when it comes to ending Leeds’ contribution to climate change. “That’s why developing innovative solutions which make that possible was a key commitment of the Net Zero Homes Plan that we announced earlier this year. “I am therefore delighted that the council, in collaboration with our private sector partners, has now been awarded additional funding to turn even more of our ambitious plans into reality”. Stephen Cook, Urban Energy Leader and Director from Arup, said: “We have worked closely with our partners to conduct in-depth user research which identifies what the priorities are for a project of this type. Retrofitting homes is critical at the moment as we tackle both climate change and the cost of living. “By devising a solution that makes the process more straightforward, adaptable and cost-effective, it will help encourage more homeowners and tenants reap the multiple benefits of a more efficient home”. About Department for Energy Security and Net Zero The Department for Energy Security and Net Zero provides dedicated leadership focused on delivering security of energy supply, ensuring properly functioning markets, greater energy efficiency and seizing the opportunities of net zero to lead the world in new green industries. The funding from the Green Home Finance Accelerator comes from the department’s £1billion Net Zero Innovation Portfolio which provides funding for low-carbon technologies and systems and aims to decrease the costs of decarbonisation helping enable the UK to end its contribution to climate change. Building, Design & Construction Magazine | The Choice of Industry Professionals
