YORK property expert Barry Crux has warned that Government moves to make the country ‘go green’ will make high street premises stay emptier for longer.
However, he doubts the impact will be as great as feared by Savills, as only the poorest properties will fail to make the grade.
Barry Crux & Company has operated since 1989 and is a major player in York’s commercial property scene.
Barry told the Press: “I don’t think there will be many that fall into these (unlettable) categories.
“It will be buildings that have no form of insulation. Heatless is easy to stop.”
However, Barry admits buildings with timber framed windows will be harder to improve. Listed buildings aren’t currently allowed doubled-glazed windows.
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However, buildings can be improved through LED lighting and new boilers.
“It will cost landlords money to improve these buildings above the legal minimum.
“Potentially there will be void periods when tenancies end,” he explained.
“If a building doesn’t comply with current standards, then the landlord will have to work out a scheme. That might take time to carry out works to achieve that.
“There’s clearly going to be a cost implication and delays in getting work done. There will also be situations where the landlord can’t afford to carry out this work.”
Barry expected private individuals owning smaller properties wouldn't rush into upgrades as they will have to find the money to do it.
“This will be an issue going forward,” he said.
“With any Government legislation, somebody had to bear the cost, and it’s a cost against landlords.”
And if landlords can’t re-let the property, it would impact the retail market, with premises remaining empty “for a while".
He added it came as people were already being cautious in the property market due to supply-chain related issues caused by pandemic lockdowns, plus further disruption caused by Russia’s invasion of the Ukraine.
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