O2 Centre Masterplan includes 1,800 new homes. Credit: 영훈 박 / Pixabay.

Real estate company Land Securities Group (Landsec) has received O2 Centre Masterplan planning approval from the planning committee of Camden London Borough Council, UK.

The O2 Centre Masterplan site’s planning application was submitted by the company to Camden Council in February 2022.

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Located in the Finchley Road, North West London, the O2 Centre Masterplan includes the construction of a mixed-use urban neighbourhood, which will cover 14 acres of space in total in Camden. 

The site is in a sustainable urban setting and offers quick transportation access via five train stations. It includes the O2 Shopping Centre, 520 car parking spaces, car showrooms and a builder’s yard.

The masterplan includes 1,800 new homes, including retail, leisure and other community spaces covering a 180,000ft² area.

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The planning permission gives clearance to nearly £1bn long-term investment in the borough.

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In addition, the project will generate 1,000 employment opportunities and boost the local economy by providing an extra annual spending of £34.5m.

Landsec regeneration arm CEO Mike Hood 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.”