Apex Airspace to develop new flats in London
Apex Airspace has announced it is to develop 28 new flats at an existing site in the London Borough of Southwark.
It is leading the market in identifying value from the airspace above properties, helping to create more residences in areas in need of more accommodation. The project will be delivered through a partnership with the Lambeth and Southwark Housing Association (LSHA).
By using modular construction to develop properties off-site, the process delivers homes in a unique way, reducing disturbance and costs in the process. The LSHA scheme is also set to be completed in only 45 weeks, showing the method’s quick turnaround.
Along with renovations to the existing development, plans will be made to improve the communal areas and develop a new lift for the whole building. The project’s Gross Development Value is expected to be around £8 million.
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.”
Mr Bhatti went on to say that airspace provides an opportunity to identify value from space above properties that is usually unused, adding that he hopes it will be the first of several partnerships using the technology.
Mark Jackson, chief executive officer of LSHA, also commented on the plans, stating that the offering is both “unique and compelling” for the city of London.
The scheme is part of a plan from Apex to deliver on targets outlined in the Housing White Paper to support housing associations and provide new homes quickly and effectively.
As property demand in London continues to rise, it will be interesting to see if more organisations take advantage of airspace to introduce new homes.