Click Above has seen a three-fold increase in enquires from freeholders looking to realise the value of the development space above their existing investments since the government confirmed a permitted development right (PDR) would allow upward extensions of two-storeys on existing blocks of flats.
The new PDR that comes into effect on 1st August 2020 will enable property owners to progress with upward extensions on detached blocks of purpose-built flats without planning permission.
There are some exclusions that include:
Laith Mubarak, Acquisitions Director at Click Above (pictured), said: “As a leader in airspace development for over five years, we have been certain of its potential for a long-time.”
Laith stated that it had invested heavily in its approach to this specialist area of construction and it has worked hard to build a reputation that demonstrated its depth of understanding, experience, and commitment to delivering quality new homes.
“To receive such a significant increase in enquiries in such a short period of time demonstrates that these interested parties are keen to engage with experts who fully understand what developing above existing buildings involves.”
Click Above is in discussions with several London boroughs to build new homes above their existing assets.
“This PDR heralds an exciting new dawn for airspace development and its potential to contribute significantly to housing supply,” Laith added.
Article by Development Finance Today. You can also read the full article here