The Mayor of London has agreed to support airspace developer Apex Airspace with a £10 million funding loan in order to help deliver much-needed new and affordable homes to people across the capital.
The delivery of the homes is accelerated as they are built offsite in factories, arrive 95% complete and are then craned onto roofs.
James Murray, Deputy Mayor for Housing & Residential Development, commented: “London’s housing crisis has been decades in the making, and we need to use every possible opportunity to build more council, social rented, and other genuinely affordable homes. Our £10m loan will help Apex work with councils and housing associations to use their innovative approach of building on existing rooftops, so we can create more of the new genuinely affordable homes that Londoners so desperately need.”
Arshad Bhatti, Founder and Chief Executive of Apex Airspace, said: “Today’s announcement is a testament to City Hall taking an innovative approach to building more affordable homes and, as pioneers in airspace development, we are thrilled to be working in partnership with the Mayor. With a robust pipeline, this £10 million funding will help deliver much-needed new homes to people across the capital, who suffer at the hands of a lack of affordability, a lack of choice and longer commutes."
Apex Airspace has to date received £25.3 million in funding from the Mayor of London, Homes England and the Business Growth Fund BGF.