Service Areas: Commercial Property, Planning
Green Leases - Being Ahead of the Game
Steeles Law Head of Commercial Property, Michael Fahy, is reported in the recent edition of the Solicitor’s Journal commenting on future legislation affecting green leases; the advantages of green leases and barriers preventing their uptake.
Michael explains how the imposition of ‘green’ burdens on the landlord and tenant in the fairly grim economic and property markets may seem unreasonable and unattractive. However, this short-term view denies the landlord and tenant long-term benefits of green clauses as well as denying the parties the opportunity to get a head start on what may, in a few years, become mandatory environmental and property standards.
Michael says a ‘one size fits all’ green lease would be impractical. Therefore, the parties have the option of applying different shades of ‘green’ to determine the strength of the green clause according to their specific circumstances.
He outlines The Better Buildings Partnership's (BBP) green lease toolkit, which sets out guidelines for owners and occupiers and is a useful insight into the core elements of a successful green lease: data sharing and cooperation between the landlord and tenant.
To read this article in full click here.
To contact Michael Fahy phone 0207 421 1720 or email mfahy@steeleslaw.co.uk.
Published:
22 June 2010