SUSTAINABILITY PART 3
IS THE FUTURE VERY GREEN? So where does that leave the notion of green leases? In the private rented sector, they are a country mile away, and they shall remain that distance apart whilst ever a green lease is dependent on a degree of compromise, collaboration and agreement. Certain green clauses may begin to creep in, however. For example, if fines for non- compliance of recycling directives are introduced, as is mooted periodically, a clause compelling the tenant to recycle or pay the consequences (fine) would be inserted as a ‘green’ clause. In the commercial sector? Green leases
are moving towards the norm, driven by legislation (CRC requirements) and managing reputational risk and associated CSR profile. The question is no longer if they will be adopted but to what degree, how they will be implemented and what legal standing they carry. Mat Lown of TFT, said, “So far there
appears to be three gradients of green leases: dark, light and a memorandum of understanding. All three establish practices for both parties in taking measures to
“It is the two moderate versions that
Tenants get lower bills and warmer homes, landlords benefit in
the longer term. DAVID SALUSBURY NLA
improve a building’s effect on the environments. Both dark and light green leases are legally binding documents that replace the standard lease. “A dark green lease includes specific
obligations and targets, whereas a light green lease includes more general obligations without setting specific targets. The third option is the inclusion to a standard lease of a supplementary non- legally binding memorandum of understanding.
appear to have the most backing. In our poll, 43 per cent of landlords said they would consider signing a light green lease and a further 37 per cent noted a memorandum of understanding to be most appealing. It is also clear that, while there is an acceptance that increased sustainability and green leases are inevitable, both landlords and tenants feel that there needs to be stronger support from the sector as a whole, as well as from the Government. The writing is on the wall: green leases
are the future. When a behemoth like Legal & General Property amends its standard lease to include green clauses, the future has all but been decided. For mere mortals – landlords and tenants alike - the question remains do you wait to be dragged via legislation into adopting the new order, or do you jump willingly and therefore maximise the CSR, marketing and improved reputational benefits of being seen as an early adopter.
Do you have any views to share?
www.propertydrum.com/articles/greendeal3
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