Newcastle’s Housing Group Buys London’s First Penthouse

Newcastle-based property company The High Street Group has acquired First Penthouse, a company which specialises in creating penthouses on top of existing London buildings.

Knightsbridge based First Penthouse focuses on luxury schemes, utilising off-site construction methods, in prime residential areas including Chelsea, Knightsbridge and St John’s Wood. It has a development pipeline of nine projects in the area with a GDV of over £120m.

High Street Group chairman Gary Forrest said: “We believe there is a huge potential in this innovative idea and have researched potential sites, as well as the associated considerations of planning, design, sustainability and construction.

“What we lacked was the expertise to deliver projects and that is why we have acquired First Penthouse. The deal adds people with practical and successful experience of rooftop development to our team, which will, I am sure, significantly accelerate our involvement in this market place.”

London airspace development is widely seen as being an emerging sector for the future, which could potentially provide many thousands of new properties in the capital alone. The Housing Group is an ambitious regional developer which already has a target of delivering 15,000 build to rent properties over the next few years. This could be a development to watch, and in more ways than one.

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Source The High Street Group
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