ROOFTOP DEVELOPMENT Features
Craning the module onto the roof
from design conception through the planning process and onto build completion.
Purchase the development rights: This alternative is favoured by landlords who would prefer to receive an immediate capital injection and do not wish to play any part in the development. First Penthouse can either purchase the roof space on an unconditional or subject to planning basis.
Joint venture: This structure tends to work best when the landlord wants First Penthouse to take all of the financial risk associated with both achieving planning permission and funding the entire development. This approach is usually favoured for resident owned mansion blocks and where the landlord does not have freely available capital. Upon completion the total cost of the project is deducted from the disposal price leaving a net profit to be shared by the parties.
Development management with profit share: This structure sees First Penthouse act as specialist development managers for a fee through the process and an agreed profit share upon completion. This approach tends to be favoured by well capitalised landlords who are focused on achieving the optimum asset value/profit from a project and want both parties’ interests fully aligned. Typically First Penthouse is engaged at the earliest stage to assess a project’s viability, manage the process
Is our roof suitable? So what are Patrick and his team looking for when they source roofs for development? The best roofs are large, empty, flat and rectangular with no chimneys and with a lift and staircase to the roof, he explains. Concrete construction is preferable as it has good pre-existing load- bearing potential. Patrick is also clear that, ideally, blocks should have no more than eight existing floors and should not be listed, as penthouse construction would rarely be permitted, if at all. It is also very important that the block is located on a wide, quiet street so that the modular construction of a new penthouse can be undertaken quickly and easily with easy access for both lorries and cranes.
Company credentials First Penthouse was founded in 1992 by Håkan and Annika Olsson, two highly qualified Swedish property developers with a background in developing advanced and innovative construction techniques. Using
It is important for blocks to be located on wide, quiet streets so that modular construction can be completed quickly and easily'
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