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<\/div>\n\/\/<\/span> The UK high street faces a \u00a390bn upgrades bill due to the government\u2019s new net zero rules<\/h6>\n\/\/\u00a0<\/span>Around 91% of current retail space does not meet the new criteria<\/h6>\nThe UK high street could be hit by a \u00a390bn bill for building upgrades due to the government\u2019s new net zero rules.<\/p>\n
The new standards will make 91% of all retail space, including the high street and shopping centres, unlettable by 2030 unless urgent and costly action is taken, according to property specialists Savills.<\/p>\n
The government will ban commercial properties from being rented out unless they carry a minimum energy performance rating of C by 2027 and a B rating three years later.<\/p>\n
Subscribe to Retail Gazette for free<\/strong><\/h5>\nSign up\u00a0here\u00a0to g<\/span>et the latest news straight into your inbox each morning<\/span><\/p>\nSavills forecasts it will cost between \u00a355bn and \u00a390bn to upgrade the retail space in the UK, with \u00a310bn needed for London alone.<\/p>\n
Commercial research director Tom Whittington told The Telegraph: \u201cIt\u2019s a disaster waiting to happen. There\u2019s\u00a0not enough money or enough time.\u201d<\/p>\n
\u201cThe Government does not have a real handle of the significance of forcing through these regulations.<\/p>\n
\u201cWhat you can\u2019t do is have a deadline in 2030 that is unviable and leaves you unable to lease around 80% of shops nationally.\u201d<\/p>\n
Click here to sign up to Retail Gazette\u2018s free daily email newsletter<\/strong><\/em><\/p>\n<\/p><\/div>\n
The UK high street could be hit by a \u00a390bn bill for building upgrades due to the government\u2019s new net zero rules.<\/p>\n
The new standards will make 91% of all retail space, including the high street and shopping centres, unlettable by 2030 unless urgent and costly action is taken, according to property specialists Savills.<\/p>\n
The government will ban commercial properties from being rented out unless they carry a minimum energy performance rating of C by 2027 and a B rating three years later.<\/p>\n
Subscribe to Retail Gazette for free<\/strong><\/h5>\nSign up\u00a0here\u00a0to g<\/span>et the latest news straight into your inbox each morning<\/span><\/p>\nSavills forecasts it will cost between \u00a355bn and \u00a390bn to upgrade the retail space in the UK, with \u00a310bn needed for London alone.<\/p>\n
Commercial research director Tom Whittington told The Telegraph: \u201cIt\u2019s a disaster waiting to happen. There\u2019s\u00a0not enough money or enough time.\u201d<\/p>\n
\u201cThe Government does not have a real handle of the significance of forcing through these regulations.<\/p>\n
\u201cWhat you can\u2019t do is have a deadline in 2030 that is unviable and leaves you unable to lease around 80% of shops nationally.\u201d<\/p>\n
Click here to sign up to Retail Gazette\u2018s free daily email newsletter<\/strong><\/em><\/p>\n<\/p><\/div>\n
Savills forecasts it will cost between \u00a355bn and \u00a390bn to upgrade the retail space in the UK, with \u00a310bn needed for London alone.<\/p>\n
Commercial research director Tom Whittington told The Telegraph: \u201cIt\u2019s a disaster waiting to happen. There\u2019s\u00a0not enough money or enough time.\u201d<\/p>\n
\u201cThe Government does not have a real handle of the significance of forcing through these regulations.<\/p>\n
\u201cWhat you can\u2019t do is have a deadline in 2030 that is unviable and leaves you unable to lease around 80% of shops nationally.\u201d<\/p>\n
Click here to sign up to Retail Gazette\u2018s free daily email newsletter<\/strong><\/em><\/p>\n<\/p><\/div>\n