Landsec is pursuing plans to develop 2,000 homes to replace the O2 Centre, Homebase and large warehouse units on Finchley Road in the London Borough of Camden, NW3.
The REIT is preparing to lodge a hybrid planning application, to include detailed plans for the first two phases of development of the north-west London shopping centre.
Landsec aims to develop the 14-acre site adjacent to the Thameslink railway line, in West Hampstead. It has submitted an environmental impact assessment scoping request to Camden Council, after launching plans for the redevelopment in 2019.
The site currently contains the three-storey O2 centre, with a cinema, retail, restaurants and café, a health club, community room and a Sainsbury’s store, and a large car park, Homebase store, car showrooms and builders yard.
Landsec is currently in pre-application design and consultation on a residential-led scheme incorporating 200,000 sq ft of commercial space. The car-free development will comprise buildings of between 53.5m and 122m AOD in height.
The early consultation describes a vision to include 1,900 homes, with 35% affordable housing. Half of the site would be dedicated to open public space, with a tree-lined linear park connecting West Hampstead and Finchley Road.
Landsec is proposing a new town square with shops, a new supermarket, leisure, cafés and restaurants, with a community and health centre, workspace for local businesses and a large new green.
The REIT acquired the O2 Centre for £125.9m, at a 6% yield, 10 years ago from the Matterhorn Palos Partnership, a joint venture between Matterhorn Capital and Sir Philip Green’s stepson Brett Palos.
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