17 Apr What is property and airspace development?
Airspace is unused space atop residential, commercial and public building rooftops, which can be developed to accommodate modest apartment construction. Developers (such as Apex Housing Group) can purchase airspace rights from local councils, housing associations and private freehold property owners, and convert the space into ‘starter’ homes – generating potential high returns for property investors and freeholders.
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 building.
Property development – an explanation and extract from Wikipedia
Real estate development, or property development, is a multifaceted business process, encompassing activities that range from the renovation and re-lease of existing buildings to the purchase of raw land (or airspace above rooftops of existing buildings) and the sale of developed land or parcels to others.
Real estate developers are the people and companies who coordinate all of these activities, converting ideas from paper to real property. Real estate development is different from construction, although many developers also manage the construction process.
Developers buy land (or airspace), finance real estate deals, build or have builders build projects, create, imagine, control and orchestrate the process of development from the beginning to end.
Typically, developers purchase a tract of land (or airspace), determine the marketing of the property, develop the building program and design, obtain the necessary public approval and financing, build the structures, and rent out, manage, and ultimately sell it.
Sometimes property developers will only undertake part of the process. For example, some developers source a property get the plans and permits approved before on selling the property with the plans and permits to a builder at a premium price. Alternatively, a developer that is also a builder may purchase a property with the plans and permits in place so that they do not have the risk of failing to obtain planning approval and can start construction on the development immediately.
Developers work with many different counterparts along each step of this process, including architects, city planners, engineers, surveyors, inspectors, contractors, leasing agents and more. In the Town and Country Planning context in the United Kingdom, ‘development’ is defined in the Town and Country Planning Act 1990 s’55.