Landsec’s £1.1bn Camden scheme to get go-ahead

Camden Council is set to approve Landsec’s £1.1bn GDV O2 masterplan scheme in London, NW3. The proposed application includes the demolition and redevelopment of land encompassing the O2 Centre, a shopping centre in Camden, and associated car park, a Homebase store, car showrooms and a builder’s merchant. If approved, the 14-acre site will provide 1,800 homes, of which 35% will be affordable housing, and a town square, with shops, restaurants, a supermarket, a gym and a cinema. Landsec acquired the site in 2010 for £125.9m in a move to expand its retail portfolio. The REIT’s proposal has three stages. Phase 1 of the application is set to be approved with the detailed outline plans of the O2 masterplan scheme. The phase includes 608 homes, 188 of which are affordable and will be split 60:40 into low-cost rent and intermediate rent. Phase 1 also includes 19,000 sq ft of retail, 1,200 sq ft of food and drink, 1,700 sq ft of professional services and a 3,000 sq ft community centre. The application has been recommended for approval to the London Borough of Camden and will be decided in a planning meeting later this week. See more planning information for the London Borough of Camden>> To send feedback, e-mail akanksha.soni@eg.co.uk or tweet @AkankshaEG or @EGPropertyNews Image © Landsec