Airspace development could become the next big thing in real estate

Some will see the brilliant blue sky, while others may notice Nobbys.

Urbanites will see the buildings, while those with a green thumb may fix their gaze on the trees of Civic Park.

Civic-minded types will no doubt spot City Hall and Christian folk might see Christ Church Cathedral.

But those with a knack for spotting real estate opportunities will see "airspace development". Among them is Warren Livesey, who is described as a "strata property development specialist".

Warren, founder of Buy Airspace, noted that Australia was "poised to admit large numbers of immigrants to kickstart the post-COVID economy".

This, he said, begs an obvious question: where will all these people live?

"One answer might be to take advantage of a growing trend called airspace development," he said.

Warren noted that NSW bureaucrats had advised Premier Dominic Perrottet to admit 2 million immigrants over the next five years, "the equivalent of adding another Perth to the population".

While many city residents want to live in CBD areas and inner suburbs, most of the land in these areas had "already been taken or is too valuable".

"The only way to fit more people into those suburbs is to build up," Warren said.

"Partly, that can be done by replacing houses with apartment blocks."

Plus, there's all the empty roofs.

"Airspace development involves taking the unused roof space in strata complexes and using it to build new properties. I'm convinced it's going to be the big real estate trend of this decade," he said. [Ahhh, if councils allow it, that is]

"With land at a premium and in short supply, this empty space is becoming an increasingly valuable asset."

Warren urged us to think of all the "unused roof spaces" out there in cities - "all of which can potentially be developed into top-floor apartments".

"Rather than letting it go to waste, strata owners will increasingly capitalise on this airspace - especially when they see other developments go up around them."

He said developers would get "a valuable piece of land [well, airspace] they can turn into top-floor apartments - often with stunning views".

"Penthouses are also typically cheaper to build than apartments at lower levels as the foundations, services and access points are already there. So they only require lightweight construction," he said.

"Strata owners can use the proceeds from the sale to pay for repairs and maintenance of their building."

Warren added that strata owners would need council approval and "support from their fellow residents" for such plans.

"In NSW, for example, a project can be approved only if it's supported by at least 75 per cent of the [strata] owners."

Still, it sounds like a great investment. We'd love to get in on the ground floor. Well, to be more precise, the top floor.

A new word has dropped into our inbox like a thief in the night. Yep you guessed it - it's "flex-pathy".

Pharmaceutical company GSK is applying "a new philosophy of flex-pathy".

The company apparently created this new word. It means a "combination of flexibility and empathy".

See, Big Pharma ain't so bad.