The London Borough of Camden and advisor JLL are launching the procurement process to find a development partner for a mixed-use redevelopment opportunity on Camley Street with an anticipated Gross Development Value (GDV) of £500 mln (€580 mln).
The Camley Street development opportunity comprises 3.56 acres across two council owned sites: 120 – 136 Camley Street and 3 – 30 Cedar Way. These sites are part of the Council’s Community Investment Programme (CIP), a plan to invest over £2.3 bn in Camden which will deliver 4,850 homes.
The proposals include delivering around 350 new, energy-efficient homes (of which around 170 will be genuinely affordable homes); increasing the existing business space on the sites through the delivery of more than 200,000 ft2 of Knowledge Quarter-led commercial space and delivering light industrial space that could offer existing tenants the opportunity to return to Camley Street.
As such, the Council is seeking 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.
Under the Camley Street proposals, the appointed partner will work collaboratively with the Council on a planning application covering both sites. Once planning has been secured and relevant conditions met, the Development Partner will acquire 3 – 30 Cedar Way Industrial Estate (2.37 acres) on a 250-year long leasehold to deliver commercial space, private residential units, and affordable homes.
Neil Vokes, director of Development, London Borough of Camden said: '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.'
Chris Walters, head of UK Life Sciences, JLL, said: '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.'