Maximising Asset ValueAs land values have increased, developers have looked for ways to create additional value from a fixed site footprint. One response has been to "dig down" and create additional accommodation below ground level. In ultra-prime residential developments, this has led to the construction of substantial multi-level basements containing swimming pools, spas, cinemas, gyms and other amenities. Examples include The Glebe in Chelsea and Buxmead on London's Bishops Avenue, both of which involved major excavation works to create extensive underground accommodation. However, these schemes represent the extreme end of the market. The costs associated with large-scale basement construction are considerable and can only be justified where property values are exceptionally high. For the vast majority of developments, the more practical opportunity involves “looking up”. Roof terraces allow otherwise underutilised roof space to be transformed into valuable amenity areas, creating opportunities for planting, seating, biodiversity and outdoor occupation without increasing the building footprint. In many developments, these spaces can enhance occupier experience, support sustainability objectives and contribute directly to the attractiveness and value of the asset. Whether the objective is to improve residential amenity, attract commercial tenants, support hospitality uses or create a distinctive destination, roof terraces can unlock value from an area of the building that might otherwise remain inaccessible and unused. | Attracting Occupiers and CustomersExpectations of occupiers, residents and visitors have changed significantly in recent decades: - Office occupiers increasingly seek access to attractive outdoor environments that support staff wellbeing, and offer alternative venues for informal meetings and social interaction. IOTA Projects - Tapestry, Frith Street, London W1
- Residential purchasers and tenants often place significant value on access to communal gardens and roof terraces.
- Hotels, restaurants and other hospitality operators recognise the commercial value of distinctive outdoor spaces that enhance visitors’ experience.
Whilst the value of planting may be difficult to quantify in isolation, its contribution to the attractiveness, usability and marketability of a development is often significant. Supporting Planning and Sustainability ObjectivesPlanning authorities increasingly expect developments to incorporate high-quality amenity space, urban greening measures and biodiversity enhancements wherever practical opportunities exist. Roof terraces can help satisfy these objectives by introducing planting into otherwise hard-surfaced environments. Increasingly, investors, occupiers and local authorities also expect developments to demonstrate strong environmental credentials. Roof terrace planting can contribute to biodiversity, urban greening and wider sustainability objectives while enhancing the attractiveness of the development. For many projects, these considerations are important not only for planning purposes, but also for investors, occupiers and asset owners seeking to future-proof and enhance the long-term appeal of their assets. |