Why Landlords should be futureproofing their estates with EV infrastructure

There are a number of misconceptions surrounding electric vehicles (EVs), but time is proving these to be standard teething issues with an unfamiliar and rapidly evolving technology.

At their inception, EVs had very limited range of up to 150 miles, leading many to believe they would not prove a suitable alternative to the traditional vehicle. However, more recent improvements to battery technology allow for an increase to up to 400 miles from a full charge in newer models, greatly narrowing the range gap.

Similarly, charging an EV was initially a slow process. Though it might still be slower than going to the petrol pump when charging on the go, charge times have now fallen following the introduction of ultra-rapid charging bays boasting outputs of up to 350kw that can add 125 miles range in as little as seven minutes. The majority of ultra-rapid charging stations are accompanied by a food and beverage offer, making the experience similar to a regular coffee stop.

Following criticism of a lack of suitable charging stations, the number of hubs has increased significantly in recent years in a bid to meet ever-growing demand, with continued expansion forecast as the take up of EV vehicles increases.

There are astonishing levels of demand for land suitable for EV charging. The last year or so has seen a 45% increase in the number of new public EV charging bays, taking the number to 10,500 UK-wide. These are spread across existing car parks, motorways, A-road services and on-site charging infrastructure for employees in commercial operations.

There is also a common argument that EVs are just as harmful to the environment as traditional vehicles. Though it may be true that EV production has been reported to produce more carbon than traditional vehicles, when factoring in the carbon output across the average vehicle lifespan, EVs typically produce 17% to 30% lower emissions. To determine the footprint, it is necessary to look at how the electricity is produced. Certainly, as the grid becomes greener, EVs will become progressively less impactful on the environment.

Landlords could see major benefits from installing EV infrastructure and staying ahead of future demand. However, many are uncertain about how to go about it. Gaining advice on where EV charging would be best allocated, who the best operators are and the level of rent that can be achieved are all factors that should be at the forefront of landlords’ considerations when reviewing a portfolio for EV infrastructure.

Electric vehicles are becoming the norm, with many landlords and business owners prioritising the provision of on-site EV charging for their tenants and employees. There are countless benefits to installing EV infrastructure within a property portfolio that may not initially be obvious. For example:

Attracting and retaining tenants

Many tenants, whether residential or commercial, view EV charging as essential. Providing on-site charging can be the difference when choosing between a property and its competitor. This does not just appeal to those with a desire to be sustainable on a personal level, it is also beneficial to businesses looking to meet ESG targets.

Futureproofing the property

Governments are setting ambitious targets for EV sales. Whether landlords are fully installing charge points or even laying duct routes while undertaking estate infrastructure works for future cables to be run through, they would be wise to stay ahead of the curve to ensure their estates stay relevant when EVs become the standard mode of transport.

Increasing property value

Properties with sustainable infrastructure such as EV charge points, solar panels and sustainable heat sources command higher values than those without. Installing such infrastructure increases the long-term value of the estate, which in turn makes the asset more attractive to potential investors and purchasers.