Camden could become 'Borough Market of north London'

Here is a glimpse of what Camden will look like after its owner formally appointed a major construction firm to begin work on the ‘Borough Market of north London’.

Market Tech project manager Teddy Sagi has appointed builders Mace to oversee the redevelopment of Camden Lock Village - a swathe of Camden close to the canal behind celebrity haunt the Hawley Arms.

The plan for the project will feature 170 new homes, of which 156 are private and the rest affordable housing. There will also be new shops and market pitches and 100,000 square feet of offices.

Building firm McLaughlin & Harvey has also been hired to build a primary school and nursery.

The Camden Lock Village scheme was given the green light in November 2012 but this is the first time a "vision" for the area has been seen.

Camden Town and its immediate area is increasingly becoming a commercial property hotspot as investors look to capitalise on the overspill of mass regeneration at King’s Cross.

Charles Butler, chief executive of Market Tech said: “Camden Lock Village is a truly unique development and will become a landmark destination.”

Gareth Lewis, Mace’s chief operating officer, said: “This is a fantastic win for Mace to rejuvenate one of London’s favourite visitor destinations and deliver an iconic project for the capital.”

Many office rents in the £20 to £30 per square foot region could soar to £65 per square foot when landlord reviews occur, according to Levy Real Estate.

The property agent added in a recent report: “The area has seen a growth in the demand for office space among smaller firms in the creative industries. Swelling occupier appetite for office space has piqued investor interest, and increasing levels of capital have flowed into this market.”

Recent deals include Brockton Capital, which sold its stake in Camden Market to Israeli billionaire Teddy Sagi last year, returning to the area.

Last month it paid Threadneedle £62.5 million for The Centro Buildings near Mornington Crescent, home to FCUK and Hugo Boss.