11.04 have considerable experience of developing “air-rights” or roof space above existing buildings. Their first successful project of this type was a former Victorian public house and music venue in Bayham Street Camden, in 2002. The A3 use was retained at ground floor level, and a change of use was obtained for residential apartments on the upper floors, including the addition of 2 extra floors of penthouse accommodation above the existing roof level.
More recently at Chalton Street, Euston, planning approval was obtained to convert a pub into 3 no. flats with a sale value of £3.55m (June 2015). In this instance 11.04 raised the value of the pub from £1.0m to £1.5m through the planning uplift in value, and the property was sold with a £0.5m profit, for a modest investment in architect’s services, and without the risk of development. Downs Road, Hackney is currently under construction (June 2015) and in this instance the planning uplift is anticipated at in excess of £1.0 million net for an additional penthouse level, together with reinstating a side wing, previously demolished.
Fairhazel Gardens is 2 separate homes in private ownership. Planning approval was obtained to add an additional mansard style roof extension to each, provided both properties were developed simultaneously, and the balance of the streetscape maintained. Each property would have an uplift in value of circa £0.5m gross, and circa £350,000+ net.