In London there are numerous different projects that aim to boost housing supply in the capital. For example there are developments on infill sites and refurbishment and change of use of old industrial buildings. In addition a number of developers have been looking at roof extensions and how many homes can be created by adding floors to existing properties.
Rooftop development has incredible potential. In fact Knight Frank believe that adding extra floors to buildings could provide 40,000 new homes just in the centre of London. There would be tens of thousands more if this kind of project spreads throughout the whole of the capital.
Extending existing buildings upwards is starting to earn impressive support. Guidance has been included in the draft of the London Plan and there are proposals in the new National Planning Policy Framework (NPPF). There are even plans to change permitted development rights (PDRs) to allow the addition of two storeys to properties without planning permission. This would come with the provision that the development fits the character of the area.
Applications are already growing
Proposals to add extra floors to existing properties are already rising in London. Owners are exploring the opportunities because they allow them to boost the value of assets. Developers are also looking into the possibilities. The new support for this kind of project could inspire even more people to look into it.
Two projects in Camden
Although the idea is relatively new, developer Apex Airspace Development launched in 2015. They have focused on this kind of development since their inception. They are responsible for creating penthouses above two office blocks in the Borough. These first projects set a really high standard. Now the company is looking at additional developments, including multi-unit ones in addition to single-unit.
Large developers
Large property developers are also considering rooftop development. For one there is a proposal to build 460 homes above Walthamstow Mall. A number of industrial landlords are considering creating homes above existing facilities too.
Property management solutions
Rooftop developments could create some serious challenges for property managers. This would be the case in particular when homes are added above commercial and industrial buildings. Fortunately Finefair can help. We are one of the most flexible providers of property management Camden has to offer and expand our services across London. Our team are confident they can handle any specific needs, including homes in new roof extensions.
If you would like to discuss property management with us please get in touch.
