Landsec has secured planning approval for a major reset of its £1 billion O2 Centre regeneration in North London, unlocking revised plans for up to 1,800 homes alongside new retail, workspace, leisure and public spaces.
Camden Council has approved changes to the 14-acre Finchley Road masterplan after the original proposals stalled amid rising construction costs, viability pressures and new building safety requirements.
The revised approach will allow Landsec to increase the height of several buildings and reduce the proportion of affordable housing, with the changes intended to make the substantial mixed-use development deliverable.
Affordable housing across the masterplan will fall from the previously planned 35% to 20%, reflecting emergency measures introduced by the Government and Mayor of London to help unlock stalled residential developments.
Despite the changes, the overall ambition remains to deliver up to 1,800 homes while transforming an underused site into a new neighbourhood incorporating shops, workplaces, leisure facilities, community amenities and extensive public realm.
The first phase, which has secured detailed planning permission as part of the hybrid application, will provide 651 homes. Additional floors have been introduced to several blocks, with some of the buildings now expected to rise to around 17 storeys.
The redesigned scheme also incorporates changes required to respond to updated building safety regulations, which have become an increasingly important factor in the design, viability and delivery of higher-rise residential projects.
More than half of the wider development site is planned as publicly accessible space, with new landscaped areas, green spaces and improved walking and cycling connections between Finchley Road and West Hampstead.
Landsec has also committed £10 million towards providing step-free access at West Hampstead Underground station, supporting wider improvements to connectivity around the new neighbourhood.
GRID Architects and Heatherwick Studio have worked on the revised designs. The wider professional team includes AtkinsRéalis as cost consultant, Pell Frischmann providing civil and structural consultancy and Buro Happold responsible for MEP consultancy.
Mike Hood, CEO of Landsec, said: “Camden Council gave us a clear mandate in 2023 to transform this isolated, underused land into a mixed-use neighbourhood with new homes, public space and community facilities.
“The economic reality has shifted since then and that’s why we’re updating the first phase of the masterplan.
“Our changes, which respond to emergency measures from the Government and Mayor of London, would enable delivery and protect the many public benefits that the scheme can deliver. Our vision for a greener, healthier and better connected neighbourhood remains the same.”
The regeneration is expected to be delivered across three phases over approximately 10 to 15 years, representing one of the most significant long-term residential and mixed-use development projects in this part of London.
The existing O2 shopping and leisure centre will continue operating through the earlier stages of the redevelopment before being demolished as part of the final phase.
With the revised plans now approved, Landsec has cleared an important hurdle in bringing the stalled project back towards delivery, while retaining the wider vision of creating a greener, better-connected mixed-use neighbourhood around Finchley Road and West Hampstead.
Building, Design & Construction Magazine | The Choice of Industry Professionals
