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.