Camden Council is close to entering into an agreement with a joint venture between Lateral and Ballymore to bring forward a £500m mixed-use scheme in the borough, which has both affordable housing and life sciences elements.
The move comes after the process to procure a development partner was launched more than a year ago. The scheme, which sits in the heart of London’s Knowledge Quarter, comprises 3.56 acres across two council-owned sites, namely 120-136 Camley Street and 3-30 Cedar Way, N1.
Following the formal appointment, the partners will work collaboratively on a planning application covering both sites.
The proposals include construction of around 350 homes, of which around 170 will be genuinely affordable, alongside the delivery of more than 200,000 sq ft of commercial space for the life sciences, technology, and digital industries.
The scheme will also provide some light industrial space to offer existing tenants the opportunity to return to Camley Street after they are asked to vacate the site in December this year.
The new buildings will be set within new greener neighbourhood featuring additional public open spaces, improved pedestrian and cycling routes and stronger links to King’s Cross and Camden Town.
Once planning has been secured and relevant conditions met, the appointed partners will be expected to acquire the 2.37-acre Cedar Way Industrial Estate on a 250-year long leasehold to deliver commercial space as well as private and affordable homes.
The council will deliver the affordable housing and affordable commercial space directly on a 1.19-acre site on Camley Street.
JLL is supporting the council with the procurement process.
All parties declined to comment.
Check out planning decisions in London Borough of Camden >>
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