The growing property firm behind Newcastle skyscraper Hadrian Tower has snapped up a business which specialises in creating London penthouses.
The High Street Group of Companies has bought First Penthouse in a multimillion-pound deal as part of a drive to break into the development of rooftop homes.
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 of over £120m.
Analysis of the housing market in London suggests more than 50,000 new homes are needed annually to meet demand. A study by design consultancy HTA LLP identified that in the Borough of Camden alone, there are 475 potential rooftop sites, which could deliver 2,485 homes.
A Knight Frank report also suggests that there is more than £50bn worth of rooftop development potential in the capital.
High Street Group chairman Gary Forrest said: “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.”
Patrick Brightman, managing director with First Penthouse, added: “We are delighted to have been identified by High Street Group, who appreciate our level of technical expertise and knowledge in the rooftop development space.
“With the benefit of the group’s support and investment, we can exploit many more opportunities across London and further afield and can accelerate the number of developments we undertake, as well as our aspiration to build our own offsite modular construction company.”
With its headquarters in Stockbridge House, Newcastle, The High Street Group of Companies was established by Gary Forrest in 2006. It is now a leading financial and property group employing around 350 people in activities including large scale property development and construction, hospitality and leisure.
One of its divisions, High Street Residential, is working on a portfolio of over 3,000 buy to rent apartments in some of the UK’s major cities.
In addition to its PRS activity, it currently has a £60m new homes business – All Saints Living – and operates five hotels and 15 bars and restaurants – through High Street Hospitality.
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