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Brookfield, WSP and Woods Bagot have teamed up to create a green retrofitting business that is believed to be the first venture of its kind in the UK.

The collaboration between the contractor, consultant and architect, known as Brookfield Green, will tap into the lucrative commercial retrofitting market, estimated to be worth more than 拢10bn a year.

A source close to Brookfield said: 鈥淭his is the first of its kind. It鈥檚 a very exciting project and it鈥檚 going to be potentially enormous.鈥�

The company has already completed five designs on large commercial buildings for major property owners, although work has not begun on site. 鈥淪ome clients have hundreds of buildings,鈥� the source said, explaining it was too early to know how much business it would do in a year.

Another source close to the venture confirmed that three of the designs had been completed for 鈥渙ne main London-based developer client鈥�.

The new company was registered on 23 July, but details are being kept under wraps while the business plan is finalised.

David Strong, chief executive of sustainable building consultancy Inbuilt, said the commercial green retrofitting market was worth 鈥渋n excess of 拢10bn鈥� a year.

鈥淎ny contractor that doesn鈥檛 focus on existing stock is doomed because the volume of new build is likely to be so low,鈥� he said.

He added: 鈥淕iven the extent of the opportunities that are emerging, the probability is that there will be more joint ventures.鈥�

John Alker, director of policy and communications at the UK Green 黑洞社区 Council, said the volume of work would grow over the next decade if the government tightened building regulations.

鈥淎ll the main contractors will be hoping it forms a greater part of their work as things like 黑洞社区 Schools for the Future dry up. Things like the carbon reduction commitment are beginning to have an effect,鈥� he said.