10 The Grange, our second airspace development project in Bermondsey, is being developed in partnership with the leaseholders of the existing block of 28 flats.
Fruition Properties initially assisted the leaseholder group through the legal process after they were served a Section 5 notice by their freeholder who wanted to sell the roof-space to a third-party developer with the intention of building new apartments above.
Most leaseholders felt strongly that the prospective sale was being imposed on them and their tenants, and that they had no control nor benefit from the sale and proposed development, so we helped them raise the funds to enable them to purchase the freehold of the property. This gave the leaseholders the ownership required to benefit from the airspace development via substantial upgrade works and profit sharing.
Nine new penthouse apartments will be delivered alongside upgrades to the existing property, which include a new lift, replacement render and balconies, external landscaping, new fire safety and security systems, refurbished communal areas, and additional cycle parking.
Seven of the new apartments will be unique duplexes that will have their own external front door at fourth floor level and large terraces at both fourth and fifth floors.
These ‘Houses in the Sky’ combine suburban-type housing in inner London – an innovative and sustainable way to help solve London’s housing shortage. Whilst working in partnership has given the collective group of leaseholders the opportunity to improve their block, facilitated by the construction of new homes in the airspace directly above.
Construction is due to start in Spring 2024 with completion in 2025. Click here to register your interest in this exciting new scheme.
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