08 Apr Untapped rooftop space worth £billions across London’s skyline
Media release issued 7 April 2016
London could conservatively accommodate up to 140,000 new homes atop existing public building rooftops according to conservative estimates. The potential increases exponentially when private assets such as residential and commercial buildings in London are considered.
“Based on the average price of an apartment at £375,000, this suggests a potential untapped market value of billions of pounds,” said Mr Arshad Bhatti, Managing Director of Apex Housing Group, pioneers of the airspace development concept.
The Department of Communities and Local Government (DCLG) and the Greater London Authority (GLA) recently invited Apex for its views on the current consultation proposals on how to best enhance the contributions that airspace could make to new housing supply. This followed Apex’s successful delivery of new airspace projects in the capital.
“The potential for airspace development is great news and an incentive for property freeholders, whether a private individual, ground rent investor, private company, or public authority, as well as providing a unique opportunity to create much-needed new homes in the capital,” added Mr Bhatti.
“If you have an expensive piece of land in any city centre in the world, you use it, but we have so much unused space in London and owners are unaware they can sell it.
“We are working with a number of local authorities across London and expect airspace development projects will help bridge the gap between demand and supply of new homes in London – crucially with minimum lead times, and offering maximum value for property owners.”
Apex Airspace Development, part of the Apex Housing Group, is a niche rooftop developer seeking new opportunities to unlock this untapped value and make a significant contribution to London’s new housing stock.
Apex’s approach is to buy the rooftop development rights from property freeholders through a long term lease, which is linked to the market value of the homes being created.
“Depending on the location and potential number of homes, this value could be in the order of millions of pounds, as seen with our recently completed scheme in Wilmott Place in Camden,” said Mr Val Bagnall, Business Development Director at Apex Airspace Development.
“Over and above the financial value unlocked, the development of the roof area generates additional value for the whole property, through creation of new ground rent, remedies to any roof top maintenance issues, and improvements to the overall kerb appeal of the whole property,” explained Mr Bagnall.
Apex’s innovative environmentally-conscious approach utilises lightweight modular constructed apartments, manufactured off-site in a factory. Completed apartments are transported from the factory and craned into position at the sites, minimising disruption and inconvenience to local residents and tenants in the building.
Apex has recently commissioned detailed research to fully understand the market potential of rooftop developments to new local housing supply in the Camden area, the results of which are expected in May 2016.
“We are actively seeking potential sites for development and encourage property freehold owners to consider selling their rooftop airspace, generating potential high returns in the process,” said Mr Bhatti.
For more information, please contact:
Val Bagnall, Airspace Business Development Director at the Apex Housing Group on 0798 320 0316 or email email@example.com
About Apex Airspace Development
Apex Airspace Development, part of the Apex Housing Group, formed in 2008, converts unused space above building rooftops into apartment living – helping to address London’s critical housing shortage. ‘Airspace’ is unused space on residential and commercial building rooftops, which can be developed to accommodate modest apartment construction.
Apex can purchase ‘airspace’ rights from local London councils, housing associations and private freehold property owners, and convert the space into ‘starter’ homes to generate potential high returns for property investors and freehold owners. New apartments can be developed using off-site modular construction, resulting in an efficient home, with minimal disruption to local residents and tenants within the existing building.