New Survey Reveals One In Four Commercial Properties Exposed To Environmental Risk
One in four commercial properties in the UK’s largest cities face exposure to potential environmental risks and possible loss in land and property values according to a recent survey from the UK’s leading provider of digital mapping and land data intelligence, Landmark Information Group.
The survey, which analysed the incidence of major categories of potential environmental risk within 100 metres of a commercial property’s boundary, revealed that Sheffield, Bristol, Bradford and Leeds were among some of the cities that face the highest potential risk from flooding, landfill and waste, pollution, radon, and subsidence.
The survey revealed that most UK cities were at risk to varying degrees from a range of environmental liabilities. For example, nearly 30% of commercial property in Bradford could be at risk from landfill and waste contamination. Nearly 40% of commercial property in Bristol could be at risk from pollution, with the city also recording the highest risk from flooding (28%). Sheffield demonstrated the greatest potential risk from radon (38%) and subsidence (95%).
The results, which were compiled from Landmark’s comprehensive and unique database on land and property, reiterate the importance of conducting thorough environmental searches before undertaking commercial property transactions in order to ensure that fully informed investment and development decisions are made.
Richard Pawlyn, Managing Director of Landmark’s Property and Environment division, is not surprised that environmental risk is receiving an increased focus:
“Developers and investors are quite rightly cautious about committing to sites without fully understanding all the issues; if environmental searches aren’t completed at the outset, then the land owner could face full remediation costs at a later date if contamination is subsequently identified.”
Pawlyn continued: “At present, when conducting valuations, surveyors are leaving themselves and clients exposed as many are not covered by PI to comment on Environmental issues. The common practice of using caveats in reports is deemed ‘potentially unsafe and professionally inappropriate’ by their professional body, the Royal Institution of Chartered Surveyors. Our survey helps demonstrate the extent of environmental issues and should be seen as a stark reminder of the potential risks”.
Eric Shearer, Partner, Knight Frank commented: “With the Environment Agency announcing there are 100,000 sites situated on around 200,000 hectares of contaminated land in the UK, it’s absolutely clear that an assessment of environmental risk is no longer optional but has become an absolute necessity in all commercial land and property transactions”.
Designed specifically for surveyors, developers and investors to identify contamination and environmental issues in a unique, cost effective and straightforward way, Landmark has developed Enviroscreen, the World’s first instant online environmental report. Using comprehensive data reported from 136 sources, Enviroscreen identifies potentially contaminative sites within 100m of the site or property boundary. An Environmental Certificate is included that provides unequivocal advice from a Chartered Environmental Surveyor as to whether the site or property is affected by Part IIA of the Environmental Protection Act and whether the site needs further investigation from a suitably experienced Environmental Consultant.
Enviroscreen reports are delivered online via Promap, the market leading desktop mapping system for professionals. Registration for Promap is free and provides immediate access to Ordance Survey large and small scale digital mapping, plus aerial photography for anywhere in mainland Great Britain. For further information on Enviroscreen and other land and property search information available from Landmark Information Group, please call 01491 413 030.
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