Apex Airspace Development secures £6.25m investment to boost growth plans in London's rooftop market

Apex Airspace Development, part of Apex Housing Group, has received a £6.25m investment from the British Growth Fund (BGF) to accelerate its growth plans in London’s rooftop development market.

The London-based developer purchases unused ‘airspace’ above residential, commercial and public buildings converting the space into modern homes.

By using the building method known as modular construction, to design rooftop properties, Apex has the apartments 90% built in a factory with construction taking just weeks.

Apex has already has secured opportunities for 100 plus homes, and is in advance discussions on a further pipeline of some 600 homes.

The developer’s delivery model has also gained the investment support of Homes England and the Greater London Authority.

Apex will use BGF’s funding to accelerate its delivery programme, with plans to develop 400-600 properties over the next three years.

Once built, many of the properties are expected to be eligible for the Government’s Help to Buy scheme, with property prices typically starting at around £350k.

Arshad Bhatti, Apex CEO, said: “Following the success of our existing airspace developments, we’re excited to be able to build on our relationships with local authorities and meet the growing demand for affordable housing.

“BGF’s investment will enable us to unlock the value in London’s rooftops and we’re looking forward to consolidating our position as market leader in this sector, and growing our temporary accommodation offering to London’s councils.”

Rahul Satsangi, BGF investor, added: “This as an exciting opportunity to back an ambitious team take advantage of London’s large but untapped airspace development market whilst also growing its critical service offering to London’s local authorities.

“We’ve been impressed by Apex’s management team, their local and national government relationships and the potential to transform London’s housing market through its innovative offering.”