How the new development will look 

PLANNING councillors will decide at Monday’s mega-meeting whether dozens of proposed low- rent homes should be swapped out for private flats in the first phase of a flagship developments.

The O2 Centre developer Landsec wants to agree a new deal with Camden Council for the six-hectare site between Finchley Road and West End Lane, West Hampstead.

Its masterplan was first approved back in December 2023.

But Landsec wants the project to be viewed under a new less restrictive policy on what can be considered an acceptable ratio of affordable homes allowed in new regeneration schemes – as announced by the government and Mayor of London Sir Sadiq Khan before Christmas.

Changes to the scheme would allow it to raise more money from a greater share of private homes.

The revised plan for the first phase of the O2 site regeneration – on land that was once home to the now-demolished Homebase store – is for taller tower blocks, with 92 fewer affordable homes than first pledged.

Meanwhile, there will be 135 more “market homes” added across the scheme.

Overall, 21 per cent of the finished floorspace will be at an affordable rate, a drop from the previously agreed 35 percent.

“Since February 2025, economic challenges facing the housebuilding industry in London have intensified, with costs spiralling and many schemes stalling due to viability challenges,” says a report from council officers.

“The issues have been acknowledged both by the government and the Mayor of London and have led to the introduction of emergency housebuilding measures.”

Under the new rules, no in-depth scrutiny of developer concerns about “viability issues” is now required.

Sir Sadiq backed the new system to stop large sites laying vacant and mothballed for years.

The call on whether Landsec gets its wish will be made at the first meeting of Camden’s new planning committee, which will also be asked to rule on the Film Quarter site in Kentish Town on the same night.

Objections to the proposed changes to the O2 site work have been published on the council’s website.

Michael Yianneskis, a nearby resident, said: “I read with dismay the intention to reduce the number of affordable homes in the proposed development of the O2 Centre to 20 per cent, that is by a third compared to what was intended a while ago. I oppose most strongly what is yet another volte-face by Camden Council planning.”

Another objector, Abigail Falkus, said: “The plans to build expensive housing here that doesn’t benefit anyone but those building and selling them is disgusting. While also destroying a beautiful community initiative is repulsive.”

The three Liberal Democrat councillors for West Hampstead say community space will also be smaller under the revised plan.

With the alterations being requested more than three years after the masterplan was approved, questions have been asked about whether the entire project will ever be completed.

The developer recently announced a five-year delay to work, and an application for the land in the first phase to be transformed into a temporary padel court centre with a sauna and plunge pool was submitted.

Development director Tim Trillo said: “For the past four years, our vision has been to breathe new life into the O2 Centre, evolving it into a vibrant, green, and connected neighbourhood for everyone.

We are more committed than ever to creating a healthier place to live, shop, and gather.

By refining our proposals, we are ensuring we can deliver this transformation, allowing us to unlock the incredible benefits of this Masterplan and creating high-quality homes and public spaces.”

Cinema expands despite date with demolisher

Fancy new chairs at the VUE

A CINEMA chain in a shopping centre earmarked for the demolition has announced a “major refurbishment project”.

The VUE Finchley Road is upgrading 12 big screens and installing what it calls new “ultra luxe” recliners seats. Brand new “laser” tech projectors are also going in – branded as the “next generation of big screen entertainment”.

Staff, meanwhile, are being replaced by self-service check-outs as part of the “Vue Your Way” retail concept.

The changes comes even though it is inside the O2 Centre complex which is due bulldozed.

The O2 “Masterplan”, has already been approved in principle at the Town Hall – a decision which has led to some businesses moving out of the centre in recent years.

The developer has promised to build a new cinema if the building does get bulldozed.