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Welcome to the Group, First Penthouse

A penthouse rooftop extension in Knightsbridge.

As part of a drive to break into the development of rooftop homes, we has acquired a majority stake a business which specialises in creating London penthouses.

This multi million pound deal delivers instant, award winning* expertise to the rapidly expanding, Newcastle based property specialist.

First Penthouse, established in 1994 and based in Knightsbridge, has recently completed several prestigious rooftop extensions, creating luxury homes on top of existing buildings in areas such as Chelsea, Knightsbridge and St. John’s Wood.

It is currently working to secure and deliver a further nine projects across the capital, with a gross development value (GDV) of over £120 million.

The Market for Rooftop Developments

Analysis of the housing market in London suggests over 50,000 new homes are needed annually to meet demand.  A study by Interdisciplinary Design Consultancy HTA LLP identified that in the Borough of Camden alone, there are 475 potential rooftop sites, which could deliver 2,485 homes.

Across Greater London it identified over 14 million square feet of developable roof space, which could deliver almost 180,000 properties.  A Knight Frank report suggest that there is over £50 billion worth of rooftop development potential in the capital.

In the words of our Chairman Gary Forrest: “A couple of years ago, the government welcomed a proposal to help address the housing shortage in London through the development of modular homes on top of existing buildings.

“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.”