An 'avalanche' of new legislative rules and regulations is about to hit every company in the United Kingdom and will irrevocably change the face of the UK property market suggest property consultants.
In one of its largest reports published to date, King Sturge warn that the property market is waking up to an 'approaching storm' of sustainable issues. The report titled Property Sustainability Matter: Caveat Emptor said the slow burning fuse lit by Agenda 21 in the Rio Treaty of 1992, a conference on climatic change, is now having a tangible impact on the property market, carrying with it enormous cost implications.
Owners, investors and occupiers of commercial property are all facing serious issues as new rules and regulations impact upon company profit and loss accounts and bring change to balance sheets. Indeed, it is possible these new regulations will undermine values and in some instances make development more marginal.
Implications of property sustainability matters are numerous but they include enactments, which have either been implemented or are on the cards. For instance, the EU directive on landfill banning the co-disposal of hazardous and non hazardous waste was recently introduced, while the EU waste and electronic directive requires all retailers to recycle 6m tonnes of waste equipment per annum.
Strategic environmental assessments are also required for development plans and programmes likely to have significant environmental effect and these are only a small selection of an extensive list.
The report suggests the Government's piecemeal approach to environmental legislation is likely to become more …