BuildingUp - Chapter 1: Why develop the Airspace?

We think now is the opportunity to start building up. Here's why:

• Airspace development is a strong solution to assisting with addressing the national housing shortage and the ambitious target set by the government to build 300,000 new homes each year up to 2025. The government has introduced a number of permitted development rights to speed up the delivery of airspace development and could potentially result in a delivery of an additional 170,000 new residential units a year.

• Airspace development presents an opportunity to preserve existing buildings and communities. In addition, developing existing buildings provides a framework to deliver new housing, particularly in densely populated areas, by utilising space that would otherwise be considered redundant.

• The profitability and saleability of existing buildings can be enhanced. Often, airspace developers are also committed to refurbishing the remainder of the building as part of the development, which benefits not only the building owner and existing leaseholders, but also increases the likelihood of the new flats being sold.

So there's our take on why airspace development could be a great opportunity. Look out for our next post where we consider what developers should think about before embarking on their airspace journey.

If you would like to find out more please contact one of our team.