O2 co-owner AEG Worldwide has gained consent to develop a 36-storey residential building, marking its first foray into residential real estate in the UK.
The mixed-use scheme, which comprises up to 262 homes, will be located next to the O2 site in Greenwich, SE10. Of its units, 59 will be classified as affordable housing.
The group plans to begin construction on the site in early 2020. It said it is now exploring “additional delivery options” to drive the development forward, with the aim of completing construction in 2022.
It is understood that these options could include an investment partner on the project.
AEG said the development highlighted the “increasing importance of London as a key real estate market”.
The site will have an estimated gross internal area of 320,435 sq ft, including 22,500 sq ft of commercial space across the ground floor and mezzanine level, as well as nearly 2,000 sq ft of flexible space on the upper level.
Over the past few years, the group has embarked on a strategy to build a portfolio of mixed-use entertainment districts in key locations.
Existing projects include Nashville Yards in Tennessee, which has residential elements.
Alistair Wood, executive vice-president of real estate and development at AEG Europe, said: “The scheme reflects AEG’s clear vision for the O2, and surrounding area in Greenwich, across the entertainment, sports, retail and now residential sectors.
“AEG is proud of the benefits that we have brought to the area and this residential development further demonstrates the breadth of the business.”
The development, which will sit on top of North Greenwich tube station and adjoining the O2, will provide access to central London in 12 minutes.
AEG also operates the SSE Arena in Wembley.
In October the group launched Icon Outlet, a premium retail extension at the arena.
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