New Camden Quarter, Chalk Farm

London NW1 8AA

Overview

New Camden Quarter represents a new landmark mixed use development opportunity located between vibrant Camden and affluent Primrose Hill.

A unique central London opportunity to provide a truly mixed use scheme incorporating residential, office and retail including the re-delivery of a new Morrisons store.

Camden's bustling town centre situated a stone's throw to the south of the site, providing extensive amenity and key transport connections.

Full planning permission for the redevelopment of the 8 acre site has been obtained to deliver 573 apartments alongside substantial office and retail, including provision of a new Morrisons store and petrol filling station (Camden planning ref. 2017/3847/P).

The supply of quality new build residential in the locality is limited, providing an exciting opportunity for a purchaser to develop a new product for the market. In addition, the demand for office space is flourishing with a number of recent high profile occupiers entering the Camden market.

Location

THE NEW QUARTER WILL BE NESTLED BETWEEN CAMDEN TOWN, ONE OF NORTH LONDON'S MOST EXCITING CREATIVE HUBS AND AFFLUENT PRIMROSE HILL KNOWN FOR ITS PANORAMIC VIEWS OF THE LONDON SKYLINE

New Camden Quarter will become a new destination responding to Camden Town's renowned alternative creativity and Primrose Hill's quaint village feel. This new destination will no doubt add to the continued desirability of this well-connected pocket of North London steeped in history.

Camden Town

Formerly the main artery supplying London with goods from England's industrial north, the Regent's Canal is no longer a means to get from A to B but a destination in its own right. The towpath now hums with dog-walkers, joggers and cyclists travelling from upmarket Primrose Hill, Regent's Park to the west and buzzing Islington to the east. Camden Lock Market is a popular stopping point being one of the world's most famous markets with a plethora of artisan goods and memorabilia.

Rail has formed an important part in the history of Camden. The iconic Roundhouse began life in 1847 as a railway turntable. The establishment of Euston, King's Cross and St Pancras stations drove a new wave of development in the nineteenth century, and their recent modernisation has sparked one of Europe's largest regeneration schemes. The stations provide easy transport around London and connect Camden to vast swathes of the country and even Europe via the Eurostar.

Considered a major creative media and advertising hub within London, Camden is one of the key points of the Soho Clerkenwell media triangle. Google's recent commitment to base its London headquarters in King's Cross, its first wholly owned and designed building outside the US, is the largest and latest in a multitude of businesses primarily in the media, cultural and creative sectors attracted by the area's unique atmosphere.

Camden's strong transport links to London's world class colleges and universities has led to approximately 30,000 full time students living in the Borough.

THE ROUNDHOUSE

The iconic Roundhouse venue has hosted luminaries such as David Bowie, Pink Floyd, Jimi Hendrix, Bob Dylan and Led Zeppelin, but began life in 1847 as a railway turntable.

CAMDEN MARKET

Amongst the world's most famous markets, it attracts nearly 30 million visitors a year, making it one of London's top tourist attractions. The market exemplifies Camden's unique retail offering focusing on the independent and the unique, and a thriving counterpoint to the flagship stores of Oxford Street and Regent Street just 8 minutes away on the Underground.

Primrose Hill

Deriving its name from the flower that covered it, Primrose Hill was once used as a Royal hunting ground. In the mid-19th century the surrounding areas began to be developed and soon blossomed to the area as we know it today characterised by Victorian villas and terraces along the quaint streets.

REGENT'S PARK

This Grade I listed park covers an expanse of 410 acres and plays host to gardens, a boating area, sports pitches and children's playgrounds. To the north is Primrose Hill offering fantastic views of Central London to the south east.

Situation

THE SITE

The New Camden Quarter site extends to approximately 3.2 hectares (circa. 8 ccres) and is bounded to the east and west by railway lines. The south of the site is bounded by Oval Road, Gilbeys Yard and Camden Lock. Camden Market is located to the east running under the railway track at the south eastern corner of the site.

There are three main parts to the site:
  • 1. The main Morrisons site, accessed from Chalk Farm Road via Juniper Crescent
  • 2. The Morrisons petrol filling station site which is located on an island site, accessed from Chalk Farm Road (separate to the main site)
  • 3. The leasehold element which forms the south eastern tip of the main Morrisons site. There is a pedestrian access route to Camden Market from this section of the car park via a staircase.
The existing Morrisons supermarket extends to approximately 77,500 sq ft with large areas of hard standing providing customer car parking to the east. The retail unit is serviced via a small access road that runs along the site's western edge, alongside the railway line. There is also a bus stop to the north and various access points and rights of way across the site.

Further information related to title can be found in the data room.

Description

The Scheme

Morrisons' heritage as food makers and shopkeepers continues today and the new store's reworked version of Market Street will showcase craft skills so customers can watch the team of trained butchers, bakers and fishmongers at work. A new Morrisons supermarket will retain existing employment whilst also providing an exceptional source of amenity on site.

The new development combined with the Morrisons store will provide around 1,300 jobs through further creation of approximately 32,500 sqm of commercial space; ranging from small affordable workspaces and retail units; light industrial workshops for makers; large office floor plates that can be occupied by one tenant or subdivided for multiple occupancy.

To the south the scheme will have a more residential feel where ground floor spaces will be lined with individual front doors to family sized duplexes and townhouses. Commercial activity is focused along the primary routes and to the north, closer to the town centre. An enhanced quality of public space will be delivered by five new public spaces including one park to the north-east railway boundary, making the most of existing trees to create a green space, for residents, workers and visitors to enjoy and relax in. In contrast the civic square in front of the store; the neighbourhood square to the south-east reminiscent of a typical London square; a new space in front of the Interchange Warehouse will improve this listed building's setting. Facilities will include play equipment for all ages, community gardens and allotments for growing. All have been designed to be overlooked and uses carefully considered to create a sense of ownership and safeguard the spaces for all users.

The petrol filling site on Chalk Farm Road will be redeveloped to provide office accommodation over a petrol filling station. To maintain trade the Morrisons will be moved to a temporary store located in the new building above the petrol filling station site, meaning the petrol filling station will be closed during the construction of the new store on the main site.

Full details available on the data room site.


Tenure

New Camden Quarter consists of two freehold titles:
The main site is held under Freehold title number NGL703708 and the petrol filling station site is held under Freehold title number NGL755432.

Parts of the Freehold title are subject to a lease of underground tunnels. The lease is held under NGL861194.

The main site also benefits from a long leasehold interest in the south east corner of the site (part of the current Morrisons surface car park), which lies above Camden Market. The lease length is 999 years (from 17 February 2006) over this section, with the freehold being owned by Triangle Extension's Limited. The lease is held under title number NGL861438.

The data room contains a comprehensive title review including details of electricity sub-stations, access rights/ agreements, restrictions and services.

DATA ROOM

Please visit the data room site for key legal, planning and technical documentation.

WWW.NEWCAMDENQUARTER.COM

Proposal

On behalf of Morrisons, offers are sought for the Freehold interest in titles NGL755432 and NGL703708 alongside the long leasehold interest in title NGL861438. The sale will initially be subject to a development lease of the entirety with the transfer of the Freehold/Long leasehold interests on Morrisons' occupation of the new store and associated areas.

The PFS site is required to form the first phase of the development and on construction completion the first floor will be used as a temporary Morrisons store until the new store within Block B has been completed. Both the new and temporary stores will be reprovided to Morrisons at shell and core.

The Morrisons areas will be re-provided and be subject to a 999 year lease at a peppercorn rent.

CONTACT

Please contact a member of the Cushman & Wakefield team for further information.

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