Landsec's urban regeneration growth boosted by O2 Centre approval
31 March 2023
Landsec’s strategic growth through urban regeneration was boosted last night as Camden Council’s planning committee resolved to grant planning permission for its O2 Centre Masterplan in the heart of Finchley Road, North West London.
The O2 Centre Masterplan, the largest planning application in Camden since Kings Cross, will deliver a new mixed-use urban neighbourhood on a 14 acre site in Camden. At the heart of the proposal is a plan to deliver new homes and green, public spaces on an under-utilised car park sitting behind the O2 retail centre, in a highly sustainable urban location well-connected by five train stations.
The Masterplan will deliver 1,800 energy efficient homes alongside 180,000 sq ft of retail, leisure and other community space. The decision gives the green light to a c.£1 billion long-term investment in the borough, with a significant package of social, financial and community benefits. The Masterplan will create 1,000 new job opportunities for local people and deliver up to £34.5 million additional annual spending in the local economy.
Mike Hood, CEO 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. We are delighted at Camden Council’s decision to grant planning permission for the Masterplan. 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.”
As part of the group’s strategy, Landsec is growing its mixed-use regeneration business, preparing a pipeline of opportunities that provide flexibility on future commitments. Offering an attractive mix of returns through income generation, development upside and medium-term growth, mixed-use urban neighbourhoods offer a balanced risk profile through a mixed-use product and flexible phasing.