“It used to be a nice to have to be seen to be green for properties. Now it is an actual commercial imperative."

Energy has moved to the centre of real estate value. Rising power prices, grid constraints, lender expectations and operational risk now sit behind every investment decision. Buildings that cannot secure affordable, low-carbon energy face higher operating costs, a growing brown discount and an increased risk of obsolescence. Those that can, gain an advantage on running costs, liquidity and access to finance.

Jonathan Cohen explains how this shift has unfolded. As a specialist energy lawyer with more than 20 years’ experience, he advises utilities, project developers, major energy users, real estate owners and funders on clean-energy transactions across rooftop solar, battery storage, district heating, corporate PPAs and private-wire structures. His work sits at the intersection of infrastructure, regulation and property — where long-term value is increasingly determined.

A major part of the discussion focuses on the rapid emergence of zero-capex models for on-site clean energy. Third-party providers now fund, build and maintain rooftop solar and battery systems on long leases. Landlords enhance their asset without deploying capital. Tenants receive cheaper, green power in a high-cost market. Funders gain long-term contracted revenues.

We then turn to the hardest constraint of all: the grid. Connection delays stretching into the 2030s are reshaping development timelines and forcing new due-diligence practices. Jonathan sets out why the system is blocked, how “zombie” connection agreements created a backlog, and how new queue-management rules are designed to prioritise viable projects.

The conversation also explores corporate power purchase agreements and private-wire arrangements. Jonathan explains where PPAs make sense, what lenders look for, and why location, credit quality and load profile determine whether a structure can deliver real savings and bankable economics.

Finally, we examine the growing importance of green leases. Not as broad statements of intent, but as specific, measurable, enforceable clauses that hard-wire energy performance, cost-sharing and change-of-law provisions into the landlord–tenant relationship. The goal is simple: protect asset value, deliver operational efficiency and ensure that sustainability commitments are achieved in practice.

The episode offers a clear picture of how energy, contracts and regulation now shape real-estate performance, and what owners, developers and occupiers must get right to build future-resilient assets rather than stranded ones.

Episode Chapters

00:00 Introduction, context and why energy now sits at the heart of ESG

01:43 How energy and sustainability in real estate have evolved

05:52 Commercial drivers, zero capex clean tech and on site generation

15:27 Grid connection constraints and their impact on development strategy

26:18 District heat networks and the coming heat regulation regime

29:12 Corporate PPAs, pricing, risk allocation and lender expectations

37:10 Private wire arrangements and local energy solutions

38:54 Green leases, "bankable" clauses and aligning landlords and tenants

44:57 Sharing knowledge, collaboration and what comes next for the sector

About Jonathan Cohen

Jonathan Cohen is a Partner at Fladgate specialising in energy and low carbon infrastructure. He advises utilities, developers, major energy users, real estate investors, funders and energy services companies on the full life cycle of clean energy projects, from rooftop solar and battery storage through to district heating, EV charging and complex corporate PPAs.

With more than twenty years of experience in the sector, Jonathan brings a detailed understanding of how regulation, contracts and financing structures shape the economics of energy for buildings, and how the right structures can protect value for both owners and occupiers.

“Risk is often marginalised, especially during bull markets. We believe it should drive decision-making and portfolio construction at all times.”

For Evonite, risk is the foundation of every decision. The firm focuses on medium-risk, value-add investing, built on disciplined underwriting, transparent analysis, and consistent performance for investors, not asset gathering.

Jose Luis Pellicer explains how this philosophy came to define the business. Trained as an applied economist, he began his career analysing industries at Deutsche Bank before moving into real estate, a sector that combined geography, finance, corporate structure, and competition. Working with mentor Nick Tyrrell, he learned to approach property from first principles. That outsider’s perspective still shapes how Evonite challenges convention today.

The Global Financial Crisis reinforced a central lesson: markets are driven by stories as much as by numbers, and people follow the herd. Pricing becomes detached from fundamentals until it no longer can. The skill lies in recognising when that exuberance has gone too far and acting accordingly.

At the centre of Evonite’s approach is the Evonite risk score, a consistent analytical framework that measures and compares every potential investment before capital is deployed. It defines risk as financial downside, the risk of not achieving the underwritten return. Built on three core property risks: depreciation, vacancy, and liquidity, it blends scientific structure with human judgement to create a common scale for all deals.

Evonite launched in 2024 to deliver investor performance in a market dominated by scale, to stay nimble in a changing geopolitical and regulatory landscape, and to bring consistent, transparent risk assessment into every decision.

The conversation challenges consensus views and explores where opportunity may lie in sectors that most investors have written off, and why discipline, rather than conviction alone, will define success in the years ahead.

Episode Chapters

00:00 Introduction to ESG in Property Podcast

02:11 Jose's Journey into Real Estate

09:32 Influential Figures and Learning Resources

19:58 Founding Principles of Evonite

26:18 Understanding Risk in Property Investment

27:06 Evonite A New Approach to Real Estate

28:54 Defining and Managing Risk

33:16 Strategies for Risk Management

36:49 Navigating High-Risk Investments

37:53 Contrarian Views on Investment Sectors

43:37 The Future of Office Spaces

44:52 Researching and Assessing Risks

51:25 Looking Ahead: The Future of Evonite

About Jose Luis Pellicer

Co-Founder and Head of Strategy at Evonite. Applied economist by background and former Global Head of Investment Strategy at an international real estate platform. With more than 20 years’ experience in European markets, his work focuses on risk, pricing, and portfolio construction, challenging the conventions of real estate investing.

“To be green, the numbers have to be green.”

For EGLS, sustainability is not an add-on. It is the business model. The company was founded to create the industrial buildings of the future, with a clear view that long-term value comes from embedding sustainability in every decision.

CEO Ian Worboys explains how this works in practice. Warehouses must stand for 75 years, which means thinking beyond rent levels to lifecycle cost, resilience, and community impact. In a market where a significant proportion of UK logistics stock remains below EPC C, EGLS focuses on repositioning and retrofitting existing assets, proving that preservation and upgrade can protect investor returns while avoiding stranded assets.

Ian outlines how the investment case is shifting. Green assets achieve valuation premiums, reduced voids, and access to favourable financing through green bonds. Occupiers like DHL and Amazon now demand sustainable buildings to meet their own carbon commitments. The job is to win over the CFO as much as the real estate team, by showing that being green protects the bottom line.

At the same time, EGLS pushes the boundaries of new development. Low-carbon materials, advanced construction techniques, solar integration, and hydrogen power are explored across projects, with each scheme treated as a chance to learn and improve. This culture of evolution defines the company’s approach.

Social value is equally central. The “Happy Worker” idea is built on evidence that better air quality, natural light, outdoor space, and amenities reduce absenteeism and improve productivity. From showers and bike sheds to landscaped areas with flowers, the details matter. Happier workers create a positive flow-on effect for families, neighbours, and communities.

Good governance underpins everything. EGLS’s leadership team is built on decades of shared experience and trust, with governance structures in place from day one through parent company Kamco. This combination of cultural alignment, compliance, and long-term thinking ensures the company can scale across Europe while staying accountable.

Episode Chapters

00:00 Foundational Vision: Personal Journeys and the Birth of EGLS

06:18, The Financial Mandate: Proving ESG Value and Stakeholder Education

14:40, Operational Strategy: Repositioning Assets, Supply Chain and Social Design

26:15, Governance, Evolution, and Looking to the Future of Logistics Spaces

Toby Wilde, founder of Oparo Social, joins Adam Hinds to discuss how a data-led investment model is delivering long-term supported housing that serves residents, investors and public services alike.

Named Social Impact Investor of the Year 2024 at the UK Finance Awards by SME News, Oparo Social operates as a dedicated brand within Oparo Group, the UK’s first algorithm-led real estate investment company. The Group’s proprietary technology identifies undervalued or overlooked real estate assets. Oparo Social then partners with housing associations and local authorities to convert those assets into stable, well-managed homes for people facing homelessness, domestic abuse, addiction recovery or neurodiversity.

To date, Oparo Social has delivered more than 135 supported homes. These schemes are structured through long-term Full Repairing and Insuring (FRI) leases aligned with Local Housing Allowance. The company has also secured institutional funding to deliver £500 million of housing, alongside mandates for hundreds more supported accommodation places.

This episode explores how the model has been built to scale. It covers the use of repeatable delivery, consistent design standards and remote asset management. It also explains why psychologically informed design and operational efficiency are central to improving outcomes. Toby reflects on his entrepreneurial journey, including lessons from PropTech, early missteps, and the values that continue to shape how Oparo operates.

About Toby Wilde and Oparo

Toby Wilde is the founder of Oparo Group, Oparo Social and a founding partner of Sprift.com. He comes from the Milne family, known for delivering thousands of homes across the Thames Valley, particularly in supported, sheltered and retirement living. His family also founded one of the UK’s first regulated real estate funds under the 1980s BES scheme.

Toby began his career in development and consultancy before helping build Sprift into one of the UK’s most widely used property data platforms. In 2019, he launched Oparo Group to apply data and technology to real estate investment. Oparo Social is the part of the business focused on supported housing, using the Group’s infrastructure to source, deliver and manage homes across the UK. Toby is a regular speaker on PropTech and social investment, and has volunteered with Ruskin Mill Trust and the Sophie Hayes Foundation.

Episode Chapters

00:00 – Introduction to Toby Wilde and Oparo Group
01:27 – Toby’s journey into real estate
05:33 – Career pathway and lessons from PropTech
12:09 – The origins and mission of Oparo Social
16:42 – How data and tech are applied to supported housing
20:33 – Building infrastructure to manage distributed assets
24:23 – Enhancing resident experience through design and remote monitoring
29:09 – Designing for psychological wellbeing and stability
32:43 – Balancing profit, purpose and public-sector value
37:40 – The importance of resilience, character and long-term thinking
40:55 – Why connection and community are essential to impact

Why This Episode Matters

With local authorities under pressure and supported housing in short supply, this episode offers a practical look at how private-sector models can contribute to public outcomes. Oparo Social’s approach shows that investor-backed housing can align with social needs without compromising on quality, consistency or returns.

Hello, hello, hello! In this episode of The ESG in Property Podcast, Adam Hinds and Jordan Relfe, co-founders of LifeProven, speak with visionary brothers Tom and James Teatum, founders of Noiascape—a London-based developer and operator dedicated to redefining modern urban living. Noiascape thoughtfully integrates private spaces with communal areas to foster meaningful social interactions, resulting in significant demand and waiting lists of up to two years for their developments. Listen in as we discuss how Noiascape is reshaping residential spaces, promoting genuine community connections, and thoughtfully responding to the changing lifestyles of urban dwellers.

Episode Overview:

Tom and James Teatum share their distinctive philosophy of urban living, highlighting the importance of blending personal spaces with communal interaction to build vibrant communities. Drawing from their manifesto and practical experience, they explain how thoughtful architectural design and operational management are central to their developments' success.

About Our Guests:

Tom and James Teatum transitioned from careers in architecture to becoming developers and operators after recognising the limitations of conventional residential offerings. Influenced by their family's construction background and inspired by renowned architects like Richard Rogers, they founded Noiascape with a clear ambition: to create thoughtfully designed living environments that facilitate authentic connections and cultural experiences. Their approach prioritises design excellence and meaningful operational management, setting a new standard for urban residential spaces.

Key Topics Explored:

• Philosophy of Space and Connection: Tom and James share their belief that cities thrive on interactions happening in the spaces between buildings. They discuss Noiascape's practical strategies to encourage spontaneous social engagement and stronger community ties.

• Enabling Cultural Expression: Discover how Noiascape actively integrates cultural activities into their developments, supporting emerging artists and enriching community life through events, exhibitions, and creative opportunities.

• Environmental Approach in Practice: The conversation covers Noiascape's practical environmental strategies, including high-performance insulation, renewable energy systems, and intelligent technology designed to reduce energy consumption through everyday living rituals.

• Operational Excellence and Future Vision: Tom and James discuss how strategic investment in operational experiences directly impacts resident satisfaction and retention. They outline their plans to scale their innovative approach beyond London, emphasising the importance of collaboration with investment partners who align with their values and vision for community-focused urban development.

Join Us & Learn More:

Tune in to discover Noiascape’s distinctive model and their thoughtful response to contemporary urban housing challenges. Essential listening for anyone interested in innovative real estate development, community-building strategies, and the future of city living. Listen now to gain a deeper understanding of the vision behind Noiascape.

How do you transform underused sites into thriving, sustainable communities? In this episode of The ESG in Property Podcast, Robert Sloss, CEO of HUB, joins Adam Hinds and Jordan Relfe to discuss HUB’s approach to Build to-Rent co-living, urban regeneration, and long-term investment. He shares insights on navigating market cycles, unlocking challenging sites, and delivering high-quality homes that create lasting social impact.

Topics Covered in This Episode

1. Lessons from Market Cycles:

• How the early ‘90s property downturn shaped Robert’s approach to long-term development

• The impact of interest rates and economic shifts on real estate

• Why developers need to think beyond short-term market trends

2. Regeneration, Investment, and Development Strategy:

• HUB’s approach to town centre regeneration and working with local stakeholders

• The benefits and challenges of converting office buildings into residential homes, as seen in Cornerstone at the Barbican

• Why HUB is investing in cross-laminated timber (CLT) for office buildings, including at One Maidenhead

• The role of Build-to-Rent and co-living in modern urban housing, as demonstrated by Queen’s Quarter in Croydon, Latitude in Leeds, and Pines Way in Bath

3. Sustainability and the People, Planet, Progress Framework:

• How HUB integrates long-term sustainability targets into its developments

• The challenge of balancing investment returns with social and environmental responsibility

• How HUB measures success beyond financial returns

4. Team Culture and Governance:

• Why HUB prioritises a small, highly skilled team over a significant headcount

• The impact of employee ownership and internal talent development

• How HUB stays big enough to make a difference but agile enough to innovate

Why This Episode Matters?

This episode provides a first-hand look at how HUB delivers housing in city centres while navigating market cycles, sustainability targets, and investment challenges. Robert shares real-world insights into urban regeneration, placemaking, and the future of real estate, making this a must-listen for investors, developers, and ESG professionals.

About Robert Sloss and HUB

Robert Sloss is co-founder and CEO of HUB, a progressive, living-led developer focused on transformative housing and regeneration projects in city centres. Since launching in 2012, HUB has completed or is developing over 9,000 homes across the UK, working in partnership with institutional investors, local authorities, and housing associations.

HUB is recognised for delivering high-quality mid-market Build-to-Rent and co-living schemes, often unlocking complex or stalled sites. The company led one of London’s first institutionally backed BTR schemes and continues undertaking ambitious regeneration projects. Their developments range from large-scale urban housing to the redevelopment of former commercial and industrial sites, always emphasising social value and placemaking.

Recent projects include:

• One Maidenhead – A town centre regeneration delivering new homes, public spaces, and commercial use.

• Queen’s Quarter (Croydon) – A Build-to-Rent scheme featuring a community-led redesign of a public park.

• Cornerstone (Barbican, London) – The conversion of a 70-year-old office building into co-living accommodation.

• Latitude (Leeds) – A 951-home BTR project transforming underused industrial land.

• Pines Way (Bath) – Redeveloping a 4.5-acre brownfield site adjacent to Bath city centre.

How do leading developers like Stanhope tackle climate risks, reduce carbon emissions, and implement effective ESG strategies?

In this episode of The ESG in Property Podcast, Adam Hinds and Jordan Relfe MRICs speak with Nils Rage, Head of ESG at Stanhope PLC, a developer responsible for over £40 billion in real estate assets and £4 billion under management.

About Nils Rage:

Nils shares how he has built a comprehensive ESG framework at Stanhope, integrating sustainability into every stage of the property lifecycle—from pre-acquisition to design, construction, and ongoing operations.

With extensive expertise in real estate development and asset management, he explains how ESG is transforming the sector and delivering commercial, social, and environmental value.

Key Discussion Points: Climate Resilience in Property: Nils breaks down how Stanhope addresses major risks like flooding, heat stress, and water scarcity. He also discusses the importance of working with insurers to understand physical risks and maintain long-term asset insurability.

Decarbonisation in Practice: Learn how Stanhope sets and enforces embodied carbon targets by trade package, reducing emissions without additional costs or delays. Nils highlights how these practices align with CREM (Carbon Risk Real Estate Monitor) decarbonisation pathways.

Tenant Engagement and Green Leases: Nils explains Stanhope’s approach to collaborating with occupiers, implementing green lease clauses, and using smart building technology to optimise energy use. These efforts have delivered an 18% reduction in energy consumption across their office portfolio in just one year.

Social Value Strategies: Discover how Stanhope tailors social impact initiatives to local needs, addressing issues such as cost-of-living challenges, biodiversity loss, and inclusive economic growth.

Episode Chapters:

00:00 Introduction to ESG in Real Estate

07:07 Nils Rage's Journey and Career Path

13:46 The Evolution of Nils' Role at Stanhope

20:53 Understanding ESG-Related Risks

30:06 Climate Resilience and Its Importance

32:29 Navigating Climate Risk and Insurance

35:38 Understanding Heat Stress in Buildings

38:21 Implementing Sustainable Strategies in Construction

44:10 Engaging with Subcontractors for Sustainability

50:26 The Role of AI in Real Estate

53:39 Decarbonization and Tenant Engagement

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