Landsec’s planning application for its O2 Centre Masterplan in the heart of Finchley Road, North West London, has been granted permission by Camden Council’s planning committee.

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. 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.

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.” 

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.£1bn 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 £34.5m additional annual spending in the local economy.

The O2 Centre Masterplan will be built out in phases. The first phase was granted detailed planning consent as part of last night’s planning committee decision and will provide 608 new homes, of which 192 will be affordable. Along with these new homes, the first phase of development will create a new community garden open to all alongside a new community centre.