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Neutral is a vertically integrated real estate development company based in the United States that is rethinking how buildings are designed, constructed, and operated through the lens of sustainability, resident wellbeing, and long-term resilience. Neutral combines development, architecture, construction, wellness, and technology to create healthier, lower-carbon, and more future-resilient multifamily buildings.In this episode, Nate Helbach, Co-Founder and CEO of Neutral, shares the philosophy behind the company and explains how environmental economics, natural capital stewardship, and systems thinking have shaped its approach to real estate development. The conversation explores why traditional development models often fail to account for long-term environmental and operational performance, and how Neutral is attempting to redefine sustainability through regenerative design principles and vertically integrated delivery.A major focus of the episode is Neutral’s resident wellbeing strategy, including air quality, water quality, daylighting, local food partnerships, wellness amenities, and personalised health optimisation programs designed to improve long-term resident wellbeing and retention.The conversation also explores how investment models may need to evolve to properly value future-resilient buildings, with Nate sharing his perspective on long-term ownership structures, generational investing, and why conventional underwriting often struggles to capture the full value created by sustainable and operationally resilient assets.Episode Chapters00:00 Nate’s early exposure to real estate and investing04:30 Natural capital, sustainability, and the origins of Neutral12:10 Rethinking resource use and regenerative development principles16:35 Why Neutral adopted a vertically integrated operating model22:50 Feedback loops, operational learning, and long-term performance24:00 Delivering one of the tallest mass timber towers in the U.S.31:40 Fire testing, building codes, and proving mass timber equivalency34:00 Designing buildings around resident wellbeing and health38:20 Personalised wellness programs, diagnostics, and longevity strategies41:30 Long-term investing and future-resilient real estate assets47:30 Investment philosophy, stewardship, and generational value creation48:40 Books, influences, and lessons from Patagonia and environmental economicsAbout Nate HelbachCo-Founder and CEO of Neutral, a U.S.-based real estate development company focused on delivering sustainable, wellness-oriented, and future-resilient multifamily buildings through a vertically integrated operating model spanning development, architecture, construction, technology, and wellbeing.Nate founded Neutral with the goal of redefining sustainability in real estate by applying principles of environmental economics, natural capital stewardship, and long-term systems thinking to the built environment. His work focuses on reducing the environmental impact of buildings while simultaneously improving resident health, operational performance, and long-term investment resilience.Under Nate’s leadership, Neutral has become a recognised pioneer in mass timber development and healthy building design, including the delivery of one of the tallest mass timber residential towers in the United States. The company’s projects integrate low-carbon construction, high-performance building systems, wellness programming, and personalised health strategies into a unified development approach.Alongside development, Nate is actively exploring new investment models designed to support long-duration ownership and future-resilient real estate assets, with a focus on creating buildings that deliver both environmental and financial sustainability over multi-decade time horizons.

The UK Net Zero Carbon Buildings Standard is an industry-led initiative created to establish a unified, science-based definition of what constitutes a net zero carbon building in the UK. Developed collaboratively by leading built environment institutions, the standard provides measurable performance benchmarks for operational energy, embodied carbon, renewable energy generation, and whole-life building performance across both new and existing assets.In this episode, Katie Clemence-Jackson, CEO of the UK Net Zero Carbon Buildings Standard, explains how the initiative emerged in response to growing industry confusion around the meaning of “net zero” in real estate. She shares how the standard was developed through one of the largest collaborative efforts the UK property industry has undertaken, involving hundreds of volunteers, technical experts, institutions, and thousands of building data points.The conversation explores how the standard works in practice for both existing buildings and new developments, including operational energy limits, embodied carbon reporting, annual verification processes, and why measured in-use performance sits at the centre of credible net zero strategies. Katie also explains why the standard intentionally incentivises retrofit-first approaches and how many existing buildings may be closer to achieving net zero alignment than the industry currently assumes.We also discuss how the standard could influence wider areas of the real estate ecosystem, including sustainable finance, valuation, investment strategy, and future regulation. Throughout the episode, Katie offers a highly practical perspective on the future of net zero real estate, the importance of industry-wide consistency, and why better data, accountability, and collaboration will play a defining role in shaping future-resilient buildings and portfolios.Episode Chapters00:00 Katie’s background in engineering and sustainability05:10 The performance gap and what shaped her net zero thinking10:35 Why the UK Net Zero Carbon Buildings Standard was created18:20 How the standard defines net zero buildings26:45 Existing buildings, retrofit, and operational performance35:10 Embodied carbon, data collection, and verification42:30 New developments and designing for net zero from day one49:20 Net zero claims, industry consistency, and transparency56:40 Sustainable finance, valuation, and future-proofing assets01:03:10 The future vision for the standard and UK real estateAbout Katie Clemence-JacksonCEO of the UK Net Zero Carbon Buildings Standard. Katie leads the delivery and industry adoption of the UK’s first unified net zero carbon buildings framework, helping establish a consistent and measurable pathway for decarbonising the built environment.Katie began her career in engineering, specialising in building performance, sustainability, and operational energy. Her experience spans technical design, post-occupancy evaluation, and environmental performance analysis, with a particular focus on closing the gap between modeled and real-world building performance.Before becoming CEO, Katie played a central role in the development of the UK Net Zero Carbon Buildings Standard, initially joining the initiative as a project manager during its formative stages. Her work has involved coordinating technical working groups, industry consultation, pilot testing programmes, and collaboration across leading real estate institutions, developers, contractors, investors, and sustainability experts.

Bloom is an urban warehouse investment and development manager specialising in ultra-urban and last-mile logistics infrastructure across the UK. The business focuses on creating highly sustainable, design-led warehouse environments in dense city locations, helping modern businesses operate closer to customers while reducing congestion, delivery times, and carbon impact. In this episode, co-founders Tom Davies and Sam McGirr explain how Bloom emerged from a shared belief that cities, consumer behaviour, and logistics networks are changing faster than traditional industrial real estate can adapt. Their backgrounds span institutional investment, development, and operational real estate, but both saw the same opportunity. Businesses increasingly need flexible, centrally located warehouse space that allows them to serve customers faster, operate more sustainably, and integrate operational and corporate functions more effectively. The conversation explores the principles behind Bloom’s investment thesis and why the business has focused so heavily on “ultra-urban” warehousing in locations traditionally overlooked by the logistics sector. Tom and Sam explain how extensive occupier research shaped the company from day one, helping Bloom design assets around how businesses actually operate rather than relying on outdated assumptions. We also discuss Bloom’s pioneering work delivering multi-storey urban warehouse schemes in London, and why they believe the model represents a major evolution for industrial real estate in dense cities. The discussion covers sustainability, smart building technology, operational efficiency, and the growing importance of customer engagement and service-led landlord relationships. Throughout the episode, Tom and Sam offer a grounded look at how urban logistics is evolving, why sustainability and operational performance are increasingly interconnected, and what the future of industrial real estate may look like as cities continue to grow and densify.Episode Chapters00:00 Bloom’s origins and investment thesis05:10 Tom and Sam’s backgrounds in real estate12:20 Founding Bloom and identifying the urban logistics opportunity18:45 Ultra-urban warehousing and occupier demand24:30 Multi-storey industrial schemes and evolving warehouse design31:10 Sustainability, ESG, and operational efficiency37:50 Customer engagement and the future of occupier relationships43:15 Research, innovation, and evolving market trends49:35 Entrepreneurship, inspiration, and lessons from building BloomAbout Tom DaviesCo-Founder of Bloom. Tom leads the firm’s investment, development, and strategic growth initiatives across its urban logistics platforms.Before founding Bloom, Tom spent five years at Segro working across development, leasing, asset management, and investment. He later joined startup accelerator Antler, where his experience exploring urban logistics helped shape Bloom’s original investment thesis.About Sam McGirrCo-Founder of Bloom. Sam oversees investment, occupier strategy, and operational growth across the business.His experience spans office investment, development, and hospitality-led real estate in both the UK and North America. Sam brings a research-driven approach to understanding how occupiers use space and how urban logistics infrastructure is evolving.

“You could automate most of property management today. The real constraint is not technology.” Brad Hargreaves joins the ESG in Property Podcast to explain where real estate is actually changing, and where it isn’t. Drawing on his experience building and exiting General Assembly and scaling Common into a multi-city co-living platform, Brad breaks down how operating models, capital requirements, and demographics are reshaping asset performance beneath the surface. The discussion focuses on why sector labels like “office” or “residential” are losing meaning, how institutional capital really decides what is investable, and why value is often created by turning fragmented, non-institutional assets into scalable product. Brad also explains where AI is already outperforming humans in leasing and collections, why development remains resistant to automation, and how efficiency gains introduce new risks such as rental application fraud. This episode is a practical framework for understanding how real estate economics and operating assumptions are shifting now, not in theory.

V7 is an asset and development management company specialising in the transformation and decarbonisation of buildings. The team focuses on deep transformation and creating more sustainable, enjoyable environments that reduce carbon impact and deliver financial success for clients. In this episode, co-founder and director Chris Hunt explains how that philosophy took shape. His route into real estate ran from converting a dilapidated house in Bristol into flats, to 11 years at Cushman & Wakefield, to leading transformation projects at Legal & General. Over time, one theme kept repeating itself. Long-term financial strength relies on two fundamentals. Buildings must perform environmentally, and they must create places where people genuinely want to be. Everything else flows from that. The conversation explores the principles behind V7’s operating model. Chris sets out why their projects begin with first-principles thinking. Why standard assumptions around cost, materials, and specification need to be challenged. And why their philosophy of “use less, waste less” has become a core design tool for reducing embodied carbon, lowering operational costs, and strengthening long-term viability. We also discuss V7’s commitment to what Chris calls “bold transparency”, including publishing embodied carbon figures for their projects even when they sit above internal targets. It is a deliberate move to raise industry standards, cut through superficial ESG claims, and show in black and white what a building has actually consumed. The episode looks at the challenge of partner alignment, the role of cognitive diversity, and why V7 will walk away from investors or consultants who are not committed to building responsibly. It also addresses the growing engagement gap between developers and occupiers, and why the industry still struggles to communicate technical sustainability data in ways that genuinely resonate. Taken together, the conversation offers a clear, grounded picture of what it takes to deliver buildings that are financially resilient, lower carbon, and genuinely future-ready. Episode Chapters 00:00 V7’s philosophy and purpose 05:20 Chris Hunt’s background and early career 12:10 Founding V7 and the shift toward transformation 17:45 First-principles design and “use less, waste less” 23:30 Bold transparency and measuring embodied carbon 28:40 Choosing the right partners and building diverse teams 34:10 The occupier engagement challenge 40:55 Advice, inspiration, and the future of V7 About Chris Hunt Co-Founder and Director of V7. Chris leads the firm’s strategy across asset transformation, development, and decarbonisation. His experience spans more than 15 years in real estate, including senior roles at Cushman & Wakefield and Legal & General. With a background in both investment and hands-on development, Chris brings a detailed, first-principles approach to creating buildings that are financially resilient, environmentally responsible, and designed for modern ways of living and working.

“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 Jose Luis Pellicer is Partner Strategy at Evonite, where he leads the firm’s investment and ESG strategy, chairs the Investment Committee, supports capital raising, and oversees marketing and communications. He brings more than 25 years of real estate experience. Before Evonite, he was Global Head of Investment Strategy at M&G Real Estate, chairing the Global Investment Committee and sitting on the executive committee. He has previously been a partner at Rockspring Property Investment Managers, later served as Patrizia’s Global Head of Research and a member of its senior leadership group, and has held roles at Goldman Sachs, AEW Europe, and Deutsche Bank.

“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

“At Stories, we focus on development that puts people first. It is a serious commitment that shapes how we think, how we partner, and how we deliver.”Paul Clark and James Scott, two of the three co-founders of Stories, share how they build meaningful places through purpose-driven partnerships, place-specific responses and a long-term commitment to community value.With £100 million in patient capital, they partner with aligned landowners and institutions to deliver socially grounded, commercially viable schemes.They work through a very iterative framework, the Four Question Framework for wider key stakeholders:1. Does it work? Outcomes across community benefit, commercial performance and ESG.2. Do we love it? A check for design integrity, emotional resonance and ambition.3. Can we afford it? Funding structures that support the vision without compromise.4. Can we deliver it? The right governance, procurement and people to make it happen.From a homelessness hub in Westminster to a 10-acre town centre renewal in Frome, each project begins with a clear sense of why. That question anchors the process in purpose, brings teams into alignment, and keeps outcomes focused on what matters, beyond just the red line boundary.Their legal infrastructure supports this ethos. Stories use relational contracts, structures built on trust, not transactions. They formalise transparency, hold space for unexpected outcomes, and create the conditions for shared success. In a system where public and private interests often speak different languages, this approach builds a common one.What emerges is not a fixed blueprint, but a way of working – clear, intentional, and grounded in purpose. One that draws in like-minded partners, attracts talent, and allows complex projects to move forward with confidence and care.About the Guests:Paul Clark has a background in planning and development and a career spanning public, private, and third-sector roles. Paul has consistently focused on aligning commercial development with long-term social value. At Stories, he leads on strategy, partnerships, and governance - helping to shape projects that prioritise fairness, sustainability, and genuine community benefit. His approach blends deep industry knowledge with a commitment to collaboration and ethical practice in the built environment.James Scott studied engineering before joining the founding team at The Collective straight out of university, helping to grow the business from house-shares to large-scale purpose built co-living schemes. He co-founded Stories to prove development could fulfil a wider responsibility to people and place. He now leads on company strategy and operations, and is delivering several of Stories’ projects, aligning capital with community outcomes that last.Episode Chapters(00:00) - Introduction to ESG and Stories (02:36) - Personal Journeys into Real Estate (13:22) - Career Overviews and Influences (22:22) - Understanding Stories: A Purpose-Driven Approach(26:21) - The Fluidity of Development: Adapting to Local Needs(27:35) - The Importance of Reflection in Development (29:02) - Capturing the Magic: Intangibles in Development(29:55) - Navigating Financial and Delivery Challenges (32:44) - Intentionality in Leadership and Partnerships (34:48) - Building Relationships Through Word of Mouth (36:23) - Leadership Beyond the Developer (38:46) - The Concept of Relational Contracts (45:33) - Authenticity and Continuous LearningFurther Resources:Stories beyond the bottom line – creating meaningful places blog: https://www.stories.partners/post/beyond-the-bottom-line-creating-meaningful-places Stories Project Portfolio: https://www.stories.partners/projects Start with Why by Simon Sinek: https://simonsinek.com/books/start-with-why/ How Big Things Get Done: https://sites.prh.com/how-big-things-get-done-book

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 OparoToby 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 Chapters00:00 – Introduction to Toby Wilde and Oparo Group01:27 – Toby’s journey into real estate05:33 – Career pathway and lessons from PropTech12:09 – The origins and mission of Oparo Social16:42 – How data and tech are applied to supported housing20:33 – Building infrastructure to manage distributed assets24:23 – Enhancing resident experience through design and remote monitoring29:09 – Designing for psychological wellbeing and stability32:43 – Balancing profit, purpose and public-sector value37:40 – The importance of resilience, character and long-term thinking40:55 – Why connection and community are essential to impactWhy This Episode MattersWith 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.