Mayor of London Sadiq Khan has agreed to advance a £10m loan to fund the building of 500 homes on the top of existing London buildings.
The funding has been made available to Apex Airspace. Apex acquire the airspace development rights from building owners and then construct residential accommodation on them using modular construction methods.
James Murray, Deputy Mayor for Housing & Residential Development, said: “London’s housing crisis has been decades in the making, and we need to use every possible opportunity to build more council, social rented, and other genuinely affordable homes. Our £10m loan will help Apex work with councils and housing associations to use their innovative approach of building on existing rooftops, so we can create more of the new genuinely affordable homes that Londoners so desperately need.”
This deal marks something of a milestone for the airspace development concept in London: It is the first time London’s Mayor has funded airspace developments. Rather than the luxury penthouses that are sometimes associated with rooftop development half of the new properties will be classed as affordable. So it will be interesting to see how the resulting schemes progress and to what extent they help solve London’s housing shortage.