Left to right: Michael Rea, Chief Operating Officer, Carbon
Trust; John Willcock, Finance and Commercial Director, Threadneedle
Property Investments; Ms Anne Milton, Member of Parliament for
Guildford and Parliamentary Under Secretary of State for Public
Health; The Mayoress of Guildford, Mrs Angela Patrick; Teresa
O'Brien, Environment Manager, Investec Wealth and Investment; The
Mayor of Guildford, Councillor Terence Patrick; David Richardson,
Divisional Director, Investec Wealth and Investment
The Threadneedle Low-Carbon Workplace Trust (LCW) is launching
its first ever low-carbon refurbished building, putting into
practice a new model of landlord-tenant relationship in which LCW
takes an active role in helping occupiers to manage energy usage
down on an ongoing basis. The first occupier, Investec Wealth and
Investment Ltd, is already benefitting from energy efficiency
advice to help it occupy the building as closely as possible to its
The Billings, located in Guildford, is a 160-year-old former
printing press, selected as an ideal refit opportunity partly
thanks to the thermal properties of its high-ceilinged rooms and
thick walls. With the refit complete LCW's exclusive Carbon
Adviser, Low Carbon Workplace Ltd, a subsidiary of the Carbon
Trust, is providing advice to Investec Wealth and Investment to
achieve as much as a 60% operational carbon reduction over the
Low Carbon Workplace Ltd helps occupiers on an ongoing basis to
actively manage their energy costs, monitoring usage and occupancy
patterns before advising on how to meet energy efficiency targets -
the tenant winning with lower bills and lower carbon emissions. The
advice starts pre-move, considering optimal space utilisation and
continues with advice on operating the building and engaging staff
to play their part. Achieving the building's low carbon targets
makes the occupier eligible for certification to the Low Carbon
Workplace Standard, a new environmental benchmark specifically
designed for the workplace.
LCW is a partnership between Carbon Trust, Threadneedle
Investments and Stanhope. The Townsend Group has recently made a
significant equity commitment to LCW taking the total to £100m.
Katharine Deas, Managing Director of Low Carbon
Workplace Ltd, said:
"Low carbon buildings need low carbon occupiers to be able to
perform to their design intent in energy efficiency terms.
Landlords are often criticised for a 'let and forget' mentality,
not helping their occupiers reduce their energy costs once they are
in the building. We will play an active role in helping our
occupiers monitor and reduce their energy usage, cutting their
costs and carbon footprint. The Billings not only provides
low-carbon office space, it's a really comfortable, inviting
environment to work in."
Tom Delay, Chief Executive of the Carbon Trust,
"This is a first for the UK property market. The new Low Carbon
Workplace model is a win for occupiers through lower energy costs
and we believe will drive a huge market for low carbon commercial
office space. We see this as a key green growth area which the
recent investment from The Townsend Group underlines."
David Richardson, Divisional Director of Investec Wealth
& Investment, said:
"We're pleased to be pioneers here at The Billings. The support
offered by LCW has made our ongoing transition to energy efficiency
a smooth process. The Billings' built-in technology has aided our
efforts to reduce our carbon emissions, but I've been struck by the
difference that minor changes to our work practices have made. For
instance, we've done away with our under-desk litter bins.
Consequently, the amount of rubbish that we throw away has fallen
steeply and the amount that we recycle has risen sharply."
Rob Watts, Development Director and Director of
"The completion and letting of our first building marks an
important achievement for the Fund. With three other refurbishments
well underway and new investors we are now well advanced in
establishing an industry norm for low carbon refurbishment and
Don Jordison, Managing Director of Property at
Threadneedle Investments, said:
"Genuine institutional investment coming in to this space
provides a clear message - it is about good returns on a good
investment which has an environmentally beneficial by-product.
Commercial buildings currently account for a fifth of UK's
emissions and such a coordinated approach addressing occupiers and
investors' needs could not have come a moment too soon."
Ray Crowley, Verdantix analyst and author of the 2011 Low Carbon
Real Estate Fund Launched in the UK report recognised the LCW model
as "the first example of a landlord and tenant proactively engaging
on building carbon efficiency performance and an approach that adds
value for both parties".
Non-domestic buildings account for 18% of the UK's total carbon
emissions and 60% of the buildings standing in 2050 (when the
country is committed to a 80% reduction in carbon emissions) have
already been built.
About The Billings
The Billings provides high specification, energy-efficient
office space for up to 200 occupiers. It incorporates an innovative
heating and cooling system, lighting and advanced insulation. The
Low Carbon Workplace Partnership chose to purchase and refurbish
the building in part due to its proximity to transport links, being
located opposite Guildford railway station and within walking
distance of the town centre.
Some of the building's key low-carbon features:
- The office has 'active chilled beams' which use considerably
less energy than traditional forms of air conditioning for the same
amount of heating and cooling.
- Presence detection, automatic controls and high efficiency
fittings reduce energy from lighting and fittings near windows will
dim whenever there is sufficient daylight.
- Walls, slabs and columns have been exposed to maximise the
benefit of their high thermal inertia - taking heat from the air
during warm periods and so reducing cooling requirements.
- False ceilings have been removed exposing the building's
natural high ceilings which allow hot air to rise away from the
working space decreasing the need for cooling.
- The automated monitoring systems help the occupants identify
and deal with areas of waste on a near real-time basis.
Notes to editors:
*Energy Consumption Guide 19, Government's Energy Efficiency
Best Practice programme (typical air-conditioned office
For further information:
For more information and to speak to a Carbon Trust
spokesperson, please contact the Carbon Trust press office:
Tel no: 0207 544 3100
Low Carbon Workplace Trust, is an initiative
set up by the Carbon Trust, the developer Stanhope plc and asset
manager Threadneedle Investments in March 2010 to develop and
manage affordable energy efficient office buildings, and provide
occupiers with ongoing support in minimising their carbon emissions
and achieving independent certification to the Low Carbon Workplace
Low Carbon Workplace Limited is a wholly-owned
subsidiary of the Carbon Trust, and will contribute low carbon
design advice for refurbishments, coordinate the Low Carbon
Workplace Standard and provide ongoing low-carbon assistance to
occupiers under the Low Carbon Workplace Charter.
The Carbon Trust is a not-for-profit company
with the mission to accelerate the move to a low carbon economy,
providing specialist support to business and the public sector to
help cut carbon emissions, save energy and commercialise low carbon
technologies. By stimulating low carbon action we contribute to key
UK goals of lower carbon emissions, the development of low carbon
businesses, increased energy security and associated jobs.
We help to cut carbon emissions now by
- Providing specialist advice and finance to help organisations
- Setting standards for carbon reduction
We reduce potential future carbon emissions by
- Opening markets for low carbon technologies
- Leading industry collaborations to commercialise
- Investing in early stage low carbon companies
Threadneedle is the fund manager for the
Threadneedle LCW Trust. Threadneedle has one of the largest and
most experienced property teams operating in the UK today with 26
investment professionals.Threadneedle has been investing in
commercial property since 1994 and currently manage more than £5.8
billion in property assets (as at 30.09.2011). Our property team
have an average of 17 years' market experience and have been with
Threadneedle for more than nine years on average. This stability
has been a key factor in the team's success. The team was awarded
the Property Asset Manager of the Year at the 2011 Financial News
Awards, Property Fund Manager of the Year at the 2011 Property Week
Awards for the second time in 3 years and the fifth time in 16
years. Fund Manager of the Year at the 2009 Property Week Awards -
the fourth time they have won this high profile award, and were
also awarded Europroperty's Fund Manager of the Year 2009.
Stanhope Plc is a specialist UK real estate
developer of major commercial and mixed-use projects. With 25 years
experience, and more than £10 billion of completed projects behind
it, Stanhope has built an unrivalled specialist in-house team which
has earned a reputation for quality and integrity that is second to
Stanhope will devise and deliver all the refurbishment work for
LCW. With a strong focus on research and innovation, Stanhope has
been at the forefront of sustainable innovation in the built
environment for over a decade. Stanhope's experience in the field
and established supply chain, along with a commitment to working
with the occupier throughout the design process, will reduce both
financial and material waste.
Stanhope's completed projects include Broadgate, the Royal Opera
House, Tate Modern, HM Treasury and Paternoster Square and totals
more than 30 office buildings delivered for owner occupiers or
pre-lets. The team is currently working on a pipeline of 10million
sq ft across 17 projects with partners including the Crown Estate,
Legal & General, BSkyB and Schroders.