Landsec’s O2 Centre masterplan has been approved by Camden Council.
The £1bn north-west London scheme, focused on Finchley Road, NW3, is the largest submitted in Camden since King’s Cross.
The plans will deliver a mixed-use urban neighbourhood featuring 1,800 energy efficient homes, 35% of which will be affordable, and 180,000 sq ft of retail, leisure and other community space.
The first phase of the plan, for 608 homes, of which 192 will be affordable, a new community garden and a new community centre, were given detailed planning consent last night.
The 14-acre site is currently a car park sitting behind the O2 retail centre.
Mike Hood, chief executive of Landsec’s regeneration arm, said: “Our O2 masterplan brings our purpose to life and is an important step for our business as we focus on shaping more mixed-use urban neighbourhoods that champion communities, the environment and quality of life.”
The O2 Centre plans forms part of Landsec’s strategy to grow its mixed-use regeneration business, preparing a pipeline of opportunities that provide flexibility on future commitments.
“As long-term investors in the local area, we want to contribute to its long-term success. By working with the council and the local community we hope to repay the faith they have shown in us to shape a thriving and sustainable neighbourhood.”
The masterplan will feature 2.5ha of open space across two new public parks, a town square, 100 new trees and 165% increase in biodiversity.
It also includes a 10,000 sq ft health centre and £43.5m of CIL payments for investment in local infrastructure in the borough.
To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews
