Landsec gets green light for O2 Centre Masterplan
Camden Council has granted planning permission approving plans for Landsec’s O2 Centre Masterplan in Finchley Road, North West London.
The Masterplan aim to deliver a mixed-use urban neighbourhood across a 14 acre site behind the O2 retail centre and is the largest planning application in Camden since Kings Cross.
Landsec aims to create 180,000 sq ft of retail, leisure, and community spaces, alongside the delivery of 1,800 energy efficient homes. The development will also see the conversion of an under-used car park behind the O2 retail centre into residential and green public spaces.
The real estate investment trust says the Masterplan will create 1,000 new jobs and deliver up to £34.5m in additional annual spending in the local area.
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.”
The proposals are part of Landsec’s wider strategy to grow its mixed-use regeneration business. Through income generation, development upside and medium-term growth, Landsec says it can provide an attractive mix of returns through the balanced risk profile provided by mixed-use developments.