Camden is one of the most popular inner Boroughs in London, with higher property prices to prove it. Demand for properties in the area is huge, outnumbering supply. There are currently constraints on the number of new properties that can be built due to a lack of space in the borough, but there are possible solutions to ease the issue.

Developer Apex Airspace Development claims there are a multitude of spaces that go unused because property owners simply do not think about them. They claim that the space above public buildings could allow the creation of 140,000 new homes in Camden. As well as this, owners of private residences could sell their roof space for development.

The plan is an interesting one and could allow unused airspace to be sold for development into new homes. The developer has completed one project already in the borough, adding a penthouse to the roof of Wilmot Place in NW1. The roof of the block of residential flats was unused, so it offered great potential for new development. Permission was granted and a new home was constructed. The exterior of the property was also regenerated as part of the work.

The project created a new home but also provided a major financial reward. The airspace was valued at £300,000 but the penthouse sold for £1.2 million.

Apex claims that airspace could be used to create new homes at each end of the market, providing both luxury and affordable homes. This could be accomplished on all kinds of commercial and public buildings in the most sought-after areas as well as private residences if the owners chose to opt for it. Talks are already underway with several local authorities in Camden to explore the possibility further.

If you are looking for an investment opportunity, the airspace above an existing property could offer exciting potential. This kind of project is expected to gain more attention over coming years as more existing free land is taken up. The Builders Merchants Federation (BMF) has already called for more upwards extension rather than outwards. As property management experts covering Harrow, Camden and all other areas of the capital, we will continue to look to these developments with great interest.