17/03/2023
Up in the air: The secret property industry changing perspectives.
It’s an old 100-plus-year-old, four-storey block of apartments right on the beachfront with stunning views over the ocean. But, sadly, it has no balconies from which to enjoy them, roof tiles that need replacing and is in dire need of a general upgrade.
So, when a plan was put to the building’s occupants that they could build into their roof space and create extra units that could be sold off in order to fund a major maintenance program, soundproof floors and even add balconies, it seemed like the answer to all their prayers.
The sky’s the limit for upgrading old apartment buildings by raising money from selling space above them, but it does leave many issues up in the air