The London Borough of Camden is seeking a development partner for a mixed-use redevelopment opportunity on Camley Street with a GDV of circa £500m.
The 3.56 acre development site spans two council owned sites – 120-136 Camley Street and 3-30 Cedar Way – which are part of the council’s community investment programme (CIP).
It is envisaged the scheme would include around 350 new, energy-efficient homes of which around 170 would be “genuinely” affordable, more than 200,000 sq ft of knowledge quarter-led commercial space and light industrial space offering existing tenants the opportunity to return to Camley Street.
The council has launched a procurement process to find a development partner with a “proven track record for delivering high-quality, commercial-led schemes targeting the knowledge economy – as well as an exceptional residential product offer – to enter into a development agreement”.
Once it selects a partner it is anticipated they will work collaboratively with the council on a planning application covering both sites. When planning has been secured and relevant conditions met, the development partner will acquire 3-30 Cedar Way Industrial Estate on a 250-year long leasehold to deliver commercial space, private residential units and affordable homes. The council will deliver the affordable housing and affordable commercial space at 120-136 Camley Street.
Councillor Danny Beales, cabinet member for investing in communities, culture and an inclusive economy at the London Borough of Camden, said: “We have created a shared vision for the future of Camley Street together with our communities, the businesses, and residents nearby. That vision is to create a neighbourhood that is connected to the existing surroundings, provides much needed affordable housing amongst the 350 new homes, and offers a significant amount of new business space in our growing knowledge quarter.
“We want to see Camley Street become a place where our residents can access new employment opportunities in the life sciences sector, where they can live in brand new affordable and high-quality homes, and where children have access to new green spaces. This is a fantastic opportunity for a development partner to work with us and the local community to create a new sustainable and inclusive legacy for this key part of central London that has great connections to our city, across the country and beyond.”
Neil Vokes, director of development at the London Borough of Camden, added: “Rarely does an opportunity as significant as Camley Street come to market in Central London. The potential exists for a key site with scale and connectivity, to write a new chapter in the history of Camley Street that sets the standard for social value, active sustainability and lasting ideas. This is best done in partnership with a developer prepared to align to the values we attach to our stewardship of places, people and development.”
Proposals for the redevelopment of the sites have been prepared in conjunction with JLL, which will continue to support Camden Council on the procurement process over the coming months.
Chris Walters, head of UK life sciences at JLL, said: “Camley Street sits at the heart of the knowledge quarter in London, a hub of creativity and innovation that is anchored by academic, research and business anchors covering the full disciplines of science and technology.
“JLL is proud to have worked closely with the council to be able to bring forward such an exciting opportunity to the market, one that will create economic growth and investment opportunities through a 200,000 sq ft plus commercial-led scheme, but also as part of a wider mixed-use masterplan that will deliver much needed homes into the borough.”
Interested investors/developers can register their interest at a procurement portal. The deadline for submitting a selection questionnaire is 12.00pm on 27 June 2023.
