Knightsbridge-based First Penthouse has become a member of The High Street Group of Companies in a multi-million-pound deal. Established in 1994, First Penthouse has recently completed several prestigious rooftop extensions, creating luxury homes on top of existing buildings in Chelsea, Knightsbridge and St. John’s Wood. It is currently working to secure and deliver a further nine projects across the capital, with a gross development value (GDV) of over €137m (£120m).
High Street Group Chairman, Gary Forrest, commented: “The government has backed proposals 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 with First Penthouse, said: “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.”
