High Street Group Acquires Penthouse Developer20/05/2019
Newcastle-based property company The High Street Group has acquired a business which specialises in creating penthouses on top of existing London buildings in a multi-million pound deal, with advice from Mincoffs Solicitors’ corporate department.
First Penthouse, which was established in 1994 and is based in Knightsbridge, builds luxury homes within rooftop extensions, completing projects in popular residential areas including Chelsea, Knightsbridge and St John’s Wood.
It is currently working to secure and complete a further nine projects across the capital with a gross development value of more than £120m.
Through its High Street Residential division, The High Street Group is already working on a portfolio of in excess of 3,000 apartments across the UK’s major cities, including Hadrian’s Tower, which is set to become Newcastle’s tallest building.
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 at 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.”