LONDON--(BUSINESS WIRE)--Apex Airspace, the innovative developer of 'airspace' above existing residential and commercial properties, reports a strong pipeline of 105 'airspace' homes after just 12 months since launch.
Apex Airspace is leading the market in realising value for freehold property owners from the airspace above their properties. Whilst roof or attic conversions are not new, Apex Airspace has brought a completely new approach to developing the space above existing rooftops from low-rise apartments to multi-storey residential towers, and to commercial and residential real estate portfolios.
The Company's first development, Wilmot Place in Camden, was completed in just 12 weeks. Several of its pipeline projects are going into development in early 2017. The current pipeline of 105 homes, with a GDV of c. £64 million, is programmed to commence this year.
The Apex offering is to private residential freeholders, local authorities and housing associations and commercial/retail real estate owners. The Company is receiving a large number of enquiries from owners looking to realise the untapped value of the airspace above their properties.
Apex Airspace has developed a unique capability that brings together a detailed knowledge of the airspace market, with an experienced team of professionals covering design, planning, legal, engineering and project management, and a carefully structured business model that de-risks and de-hassles the development process for a freeholder. The Company has also worked with external architects and engineering contractors to devise off-site manufactured apartments that substantially reduce construction costs and also facilitates a rapid on-site installation, minimising disturbance to local residents and traffic. Apex aims to achieve installation within 24 hours and this solution can deliver new homes 50% more quickly than traditional construction.
A detailed analysis of the market for airspace in Greater London, "London's Rooftops: Potential to Deliver Housing" undertaken by HTA Design LLP on behalf of Apex Airspace, recently estimated that a potential 180,000 homes valued at a GDV of c. £54 billion could be developed atop current housing stock in the capital. It took account of existing private residential, local authority and housing association sites but not commercial and residential settings, which themselves represent a significant opportunity. This represents 42% of the 10 year homes requirement outlined in the Mayor's London Plan.
Commenting on the first 12 months of the Company's operations, Arshad Bhatti, Managing Director of Apex Airspace said:
"Airspace offers freeholders the opportunity to unlock value from their properties – value which currently is just sitting there unused.
“It is a virtually untouched segment of the property market which also presents the potential to address a significant part of the housing shortage in London and across the country.
“For commercial and retail businesses, airspace development also offers a means of realising full value from their property portfolios, and has the additional benefit of bringing mixed use to under-exploited parts of cities and towns.
"We are delighted with how our pipeline of projects is developing after just 12 months and from a standing start. Our first development was completed on time and on budget after just 12 weeks. After the high specification pod has been manufactured off-site, our aim is to have it craned into place and hooked up to utilities in just 24 hours – almost completely removing the hassle for the property owner.
“Our next projects will be moving into development in January and the whole current pipeline is expected to be completed by the end of the year.
"Airspace is an innovative concept for freeholders to consider, but we are expecting it to catch on quickly when people realise the potential value sitting there above their properties.
“The market opportunity, at around £54 billion in London alone, is enormous and we intend to take full advantage of our first mover status."