Camley Street Regeneration - Developer Partner

Description

The London Borough of Camden (the “Council”) has committed to the regeneration of 120-136 Camley Street and 3-30 Cedar Way, Kings Cross (the "Sites"). The ambition is to deliver a sustainable new neighbourhood consisting of new homes, Knowledge Quarter led employment space and new public green and open spaces. The vision commits to the delivery of genuinely affordable homes and affordable workspace which will enhance job opportunities, training, and skills for residents. In September 2022 the Council’s Cabinet approved the delivery strategy for the Camley Street sites. The Council is now seeking a Development Partner with the right skill set, including life sciences expertise, to partner with the Council in the delivery of the Sites. Once appointed, teams will work collaboratively on a planning application to be submitted covering both Sites, linking them in a cohesive way, focussing on delivering the Shared Vision through placemaking and quality outcomes. Following this, the Council will directly deliver affordable housing and affordable workspace at 120-136 Camley Street with the appointed Development Partner delivering the 3-30 Cedar Way site. The Cedar Way Site will be sold on a 250 year long leasehold to the Development Partner, releasing a capital receipt to cross subsidise the Council’s self-delivery of 120-136 Camley Street. The Development Partner will bring forward commercial space, private housing, and some affordable housing on the Cedar Way Site. The estimated construction value is in the order of £272m. (£201m for Cedar Way; £70.5m for Camley Street). The term of the Development Agreement is expected to be a minimum five (5) years until Practical Completion of the development of Cedar Way and the establishment of the long-term management for the site. Keywords: Camley Street, Camley, Urban development construction work