Camden Council has selected Ballymore and Lateral as joint development (JV) partners to deliver new affordable homes and generate 1,000 jobs at Camley Street, UK.
This Camley Street redevelopment is a key part of Camden's Community Investment Programme and is situated in the 'Knowledge Quarter' of King’s Cross, an area with research and technology institutes.
The project has an anticipated gross development value (GDV) of £500m ($610m).
It aims to provide around 350 new, energy-efficient homes, nearly half of which will be affordable, and introduce more than 200,000ft² of commercial space in Knowledge Quarter.
The project will also simultaneously create about 1,000 jobs across technology, life sciences, light industrial, and digital industries.
The mixed-use scheme will also see a new, environmentally conscious neighbourhood in Camden, featuring public open spaces, new shops, cafés, and enhanced pedestrian and cycling routes.
The affordable homes will offer a mix of social rent properties for families on the council's housing register and intermediate homes for key workers, such as teachers and nurses, providing them with reduced rent and a secure tenancy.
Ballymore and Lateral will form a JV and collaborate with Camden Council, residents, and businesses to refine the plans before applying for planning permission in the second half of 2025.
Subject to planning approval and the fulfilment of necessary conditions, the JV will acquire a long leasehold for the 3–30 Cedar Way Industrial Estate (Site B - 2.37 acres) to develop commercial space, private residential units, and affordable homes.
Camden Council will directly oversee the delivery of affordable housing and commercial space on 120–136 Camley Street (Site A - 1.19 acres).
Ballymore managing director John Mulryan said: “Camley Street presents significant opportunities for both the Borough of Camden and London as a whole.
“It’s a huge site which has immense potential, and its success will rely on effectively connecting into the Knowledge Quarter ecosystem, ensuring the benefits are accessible to all and reach far and wide.”
