Camden Council selects Ballymore and Lateral as JV partners at Camley Street
Urban regeneration specialist Ballymore is partnering with Life Sciences Developer/Operator Lateral to deliver the Camley Street project, a key project in Camden’s Community Investment Programme. The redevelopment is in a prime location in what is known as the “Knowledge Quarter” – the area of King’s Cross where world-leading research and technology institutes and companies have made their home. Split across two sites, the planned redevelopment will:
Deliver around 350 new, energy-efficient homes – around 170 of these will be genuinely affordable homes;
Increase the employment space on the sites through the delivery of more than 200,000sq ft of Knowledge Quarter-led commercial space, creating around 1,000 jobs in the light industrial, life sciences, technology, and digital industries;
Build on and enhance the existing innovation ecosystem and growth initiatives in an area which has a proven and consistent high demand for science and technology facilities;
Establish a new, greener neighbourhood in Camden with new public open spaces, improving biodiversity. New shops, cafes and improved pedestrian and cycling routes will support stronger links to King’s Cross Central and Camden Town;
Support an inclusive economy by creating light industrial and affordable workspace to support start-ups and SMEs.
The affordable homes will be a mix of homes at social rents, providing much need homes for families on our housing register; and intermediate homes, available for rent at a reduced rate with a secure tenancy, giving key workers such as teachers and nurses an affordable home in which to live and stay in Camden.
Ballymore and Lateral will now form a Joint Venture and will work with Camden Council, local residents and businesses to further develop these plans before submitting for planning during the second half of 2025.
Subject to planning permission being secured and relevant conditions being met, the Joint Venture would then acquire 3–30 Cedar Way Industrial Estate (‘Site B’ - 2.37 acres) on a long leasehold to deliver commercial space, private residential units and affordable homes. Camden Council would directly deliver affordable housing and affordable commercial space on 120–136 Camley Street (‘Site A’ - 1.19 acres). The redevelopment has an anticipated Gross Development Value (GDV) of £500 million.
Councillor Nasrine Djemai, Cabinet Member for New Homes and Community Investment, Camden Council, said: “We’re getting on with building the new energy-efficient family sized homes that are desperately needed and creating the employment space which will help Camden’s Knowledge Quarter continue to grow and provide the good, well-paid work our residents need. Through our Community Investment Programme we’ve built over 1,500 homes, a third of our target of 4,850 new homes. Half of the new homes at Camley Street will be affordable - either social or intermediate rented, and around 200 of the homes will have two or more bedrooms – the spacious, family-sized homes we need more of in Camden.
“The life science, technology, and digital industries are booming in Camden – we want to facilitate this growth and crucially ensure our residents have access to the jobs created by them. This includes work experience placements with school children, creating apprenticeships, providing training, so that residents growing up in Camden now have a clear pathway into these jobs.
“Over the past few years, Camden Council has worked with residents and businesses nearby to shape a Shared Vision for Camley Street. We will work in partnership with Ballymore and Lateral to ensure they are committed to the same level of engagement and co-working with residents and businesses as we are. Their expertise and experience will help us move forward more quickly with this exciting project.”
John Mulryan, Managing Director, Ballymore: "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.
We’re looking forward to collaborating closely with local residents and businesses to create a thoughtfully designed, sustainable neighbourhood. Together with our partners Camden Council and Lateral, we will deliver affordable housing, innovation and lab spaces, light industrial facilities, and ultimately create transformative jobs and skills opportunities for the community."
Rob Beacroft, Co-Founder, Lateral: "The Camley Street project represents a significant step forward in our mission to create vibrant, inclusive Innovation Neighbourhoods that are deeply rooted in the communities they serve. At Lateral, our science and technology developments are driven by a needs-led approach, ensuring we identify opportunities to attract and support the right occupiers across every stage of their innovation journey.
“By partnering with Camden Council and Ballymore, we are embedding Camley Street into Camden’s unique ecosystem, creating a seamless integration with the Knowledge Quarter. This transformative partnership will not only deliver new homes and science and technology space but also create long-term, sustainable opportunities for residents, industry, healthcare and academia, fostering innovation and collaboration at every level."