M&S has reached an agreement with members of the Better Buildings Partnership, a collaboration to improve the sustainability of existing commercial building stock, to introduce green clauses, by means of Memoranda of Understanding, to sit alongside the leases of existing M&S stores.
The project will see the signing of some 70 agreements at sites across the UK owned by British Land, Canary Wharf Group, Hammerson, Hermes Real Estate, Henderson Global Investors, Land Securities, LaSalle Investment Management, Legal & General Property and PRUPIM, the real estate investment management arm of M&G.
The collaboration is the first of its kind on this scale in the UK and builds on the BBP’s Green Lease Toolkit, the members’ experience of incorporating green clauses and Memoranda of Understanding in their leases and M&S’s existing green lease policy, which requires all new M&S leases to include ‘green’ clauses.
M&S director of property Clem Constantine said: “Unfortunately, big carbon reductions from the UK’s building stock cannot come only from shiny new eco stores. 70 per cent of current commercial buildings will still exist in 2050, so if we are genuinely going to tackle the problem we have to invest in eco solutions for existing buildings.
“Currently it can be difficult for landlords and tenants to work together when it comes to a building’s environmental performance, particularly for older leases. There’s often no real structure for measurement, incentives or sharing of goals.
“Green leasing changes this situation as it provides the framework within which both can work together. And both will benefit, a store with a reduced environmental impact and lower costs is more marketable for landlords and more cost effective for tenants to occupy – a genuine win, win.”