Located in Bermondsey, 10 The Grange represents our second airspace development project in collaboration with the leaseholders of an existing block of 28 flats.
Initially, Fruition Properties guided the leaseholder group through the legal process after they received a Section 5 notice from their freeholder, who intended to sell the roof-space to a third-party developer for the construction of additional flats.
The majority of leaseholders were concerned that the proposed sale was being imposed on them and their tenants without any control or benefit. To address this, we assisted them in securing the funds necessary to purchase the property's freehold. This acquisition allowed the leaseholders to benefit from the airspace development through significant property upgrades and profit sharing.
The project will deliver nine new penthouse apartments, along with enhancements to the existing building. These improvements include the installation of a new lift, updated render and balconies, external landscaping, upgraded fire safety and security systems, refurbished communal areas, and additional cycle parking.
These innovative "Houses in the Sky" provide a sustainable solution to London's housing shortage, offering suburban-style living in the heart of the city. This collaborative effort has empowered the leaseholders to enhance their block through the strategic construction of new homes in the airspace above.
This property is conveniently accessible via several stations, including Bermondsey, Borough, Canada Water, Ebbsfleet International, Elephant & Castle, Kelvedon, London Bridge, Monument, Oxted, Radlett, Redhill, Rotherhithe, Shadwell, South Bermondsey, Surrey Quays, Tower Hill, and Wapping stations.
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