LONDON, England--(BUSINESS WIRE)--Apex Airspace, the innovative developer of 'airspace' above existing residential and commercial properties, announces that it has secured a partnership with Lambeth & Southwark Housing Association (LSHA) to develop up to 28 new flats at an existing site in the London Borough of Southwark.
Apex Airspace is leading the market in realising value from the airspace above properties to generate new homes. Whilst roof or attic conversions are not new, Apex has developed an innovative capability to develop the space above existing rooftops.
The Company uses modular construction to manufacture homes off-site, speeding up the build process to reduce disturbance and construction costs. Subject to planning, the LSHA scheme is expected to be built in just 45 weeks, from design to completion.
Pending consultation with the current residents, the development will add one story to the current block, providing 11 affordable rental flats to LSHA at no cost. This represents the 40% affordable rent provision as required in the Mayor’s London Plan. The remaining 17 flats will be available for sale by Apex Airspace. In addition to the 28 new flats, Apex will renovate the existing building, improve the communal areas and provide a new lift for the whole block. The project has a Gross Development Value of circa £8m.
This scheme is part of Apex’s promotion of wider partnerships to unlock the hidden value of London’s roofs and to address the housing shortage in the capital. In this way, Apex is delivering on Government objectives outlined in the Housing White Paper to support housing associations deliver more new homes and to supply these faster.
Arshad Bhatti, Managing Director of Apex Airspace said:
“We are delighted to be working with Lambeth & Southwark Housing Association to address the shortage of affordable new homes in London. LSHA has a rich heritage in the provision of affordable housing, but they are also at the forefront of innovative approaches to housing solutions.
“Airspace offers the opportunity to unlock value from the unused airspace above properties – value which is otherwise unused.
“We hope that this will be the first of many such partnerships.”
Mark Jackson, CEO of LSHA commented:
“We are very excited to be partnering with Apex Airspace.
“The opportunity to utilise our existing assets for new affordable housing at no cost to the Housing Association, whilst also reducing our maintenance spend, was one not to be missed.
“The Apex Airspace offering is a unique and compelling one, and we look forward to progressing on this first joint project together.”