We can provide you with a significant capital sum and improve the common parts of your property at no cost to you.
In essence the partnership is one of continuous consultation, but essentially sees the property owner provide the roof space and First Penthouse provide the expertise and funds from conception to project completion. Incorporating our design, planning, project management and property development skills to deliver a first class product.
By working as development partners with a profit share agreement based upon the final costs and disposal price of the penthouses, both parties objectives are mutually aligned. Sharing the same objective, to deliver the optimum product at the best possible price, thereby maximising asset value and profitability.
After an initial phone call to discuss your property we will undertake some initial desktop viability work. If the project looks possible we will then arrange a face to face, no obligation meeting to get aquatinted and understand your objectives and the particularities of your property.
Detailed Viability assessment
If we are in agreement that a penthouse project is something you wish to explore further we will undertake more detailed viability work to assess technical aspects of the property such as structural integrity, means of escape and detailed planning considerations.
Once the detailed viability work has been completed we will provide a thorough development proposal stating the anticipated size of the penthouses, sales values, total development costs and estimated profit. Once this proposal has been submitted and we have answered any questions you may have, you will be in an informed position whether you wish to go ahead with the project.
Once you have made the decision to proceed, the parties will need to agree a basic contract which will give First Penthouse an exclusive period to achieve planning permission. This will be totally at our risk and require no funding from you. No planning, no project. Our solicitor will draft an agreement that your own solicitor will need to assess. The agreement will state should First Penthouse achieve planning permission within the agreed time period they will have the right to complete the project using their advanced modular construction technique.
We will engage and oversee all of the respective consultants and advisors to ensure the optimum application is submitted for approval. A great deal of time and thought goes into the design, council liaison and supporting evidence for the application. Planning permission is challenging but we have a successful track record of achieving permission in central London. Typically the planning process takes between 6-12 months. Once permission has been achieved and value created, the project can commence in earnest.
Resident liaison and development programme
Communication is really important throughout the process but especially important once planning has been achieved and the development programme finalised. This will detail the timing of on-site works and if necessary when works will be undertaken to extend the lift. We believe in providing as much notice as possible as early as possible so residents are fully aware and can plan accordingly. We take resident liaison very seriously and appreciate the property is your home or your tenants home and will aim to make the process as pleasant as possible.
We believe slow and quiet beats fast and noisy. Preparing the roof can be done quickly with many people and noisy machines, but we prefer a slower and more methodical approach. By using fewer people and specially designed tools we are able to ensure everything is done quietly and with precision. It is our aim that you should hardly notice we are there. On-site works will include clearing the roof, extending lifts and staircases, relocating pipework and water tanks, preparing plinths and beams and bringing up services to connection points.
Whilst the roof is being prepared our hand crafted modules are being built in parallel, in controlled conditions from our facility in Sweden. We do more work off-site than any other rooftop developer. By undertaking such detailed design at an early stage, it enables our handcrafted modules to leave our facility fully tested and virtually 100% complete. By having all flooring, walls, roof, bathrooms, kitchens, fixtures and fittings added to the modules, we can further reduce on-site works.
The modules are transported to site and then hoisted into position on the roof by crane. Installation takes just one day and typically takes place on a weekend. Once the modules are in place we require a further two weeks to complete final decorations.
Selling and profit share
Once the penthouses are fully complete they will be marketed and sold. Total costs will be subtracted from total revenue and the net profit shared between the parties.