In recent years, it has become apparent that there is substantial opportunity to utilise air space in London due to both a housing and land shortage, with a lack of availability of more ‘straight-forward’ sites. Airspace developments simply provide an opportunity to build new homes above existing properties.
The development of technology, specifically with regards to materials and construction techniques, also means that Airspace developments can now be produced with greater ease and cost efficiency.
Usually, the owner of the freehold of a property containing airspace will own the air rights above. Subject to planning permission, these air rights can be sold or leased to enable the construction of Airspace developments, which enable the construction of an additional property, or number or properties above. In general, this can allow a substantial payment to the freeholder and add meaningful value to the wider property through the refurbishment of key elements, subject to the agreement with the developer. This can include, though is not limited to, the following:
If you feel you may have an air rights development opportunity, please get in touch with our specialist team who will be happy to carry out an initial consultation.