O2 Centre Finchley Road's Economic Impact Revealed
The Finchley shopping centre contributed nearly £250 million to the local economy last year, according to its owners.
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The O2 Centre, located on Finchley Road, generated almost £250 million for the north London economy in the past year, a report from its owners, Landsec, has stated. The leisure and retail park's businesses provided employment for 3,348 individuals. Landsec also reported delivering more than £1.8 million in social value through a range of initiatives, including employment programmes, bursaries, community grants, and partnerships.
Future Redevelopment Plans
O2 Centre Finchley Road begins £multi-million upgrade
Developer Landsec is undertaking a 10-15 year scheme to transform the 14-acre site.
The shopping centre, which opened in 1998, is scheduled for demolition within the next 10 to 15 years. This is part of a wider masterplan for the 14-acre site that includes the construction of 1,800 homes, new office spaces, retail units, and areas for community and leisure activities, alongside a new town square. The first phase of this redevelopment is planned to commence on a section of the car park, a builders' yard, and the site of the former Homebase store.
Social Value and Employment Support
Landsec's annual social and economic impact report highlighted that its initiatives have assisted 45 people in moving closer to securing employment. These efforts include employability partnerships, offering practical industry experience, and providing work placements. The centre collaborates with the youth employment charity Spear to support individuals aged 16 to 24 across London who face obstacles to entering the workforce, helping them gain necessary skills and confidence.
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“The findings published today demonstrate the important contribution O2 Centre continues to make to north-west London. By investing in the destination, supporting employment, working with community partners and operating more sustainably, we’re helping businesses and communities thrive.”
Ant Foran, O2 Centre Director
Ant Foran, O2 Centre Director, commented on the report's findings, stating that retail destinations are integral to the communities they serve. He added that such centres foster local business growth, create job opportunities, and provide spaces for social interaction. Foran indicated that investment in the centre, along with support for employment and community partnerships, contributes to the area's prosperity and attracts further investment.
Masterplan Amendments and Site Changes
Recent proposals by Landsec sought approval to modify the masterplan, suggesting an increase in the height of some proposed towers to 17 storeys, while reducing the number of affordable homes by 92. A report from Camden Council noted that the scheme had experienced delays due to viability concerns. The council described the proposed amendments as 'minor', attributing them to shifts in building regulations, rising construction costs, and broader economic challenges affecting housebuilding in London. The site has also seen new additions, including a Charity Super.Mkt warehouse and upgrades to the 12-screen Vue cinema, with the luxury gym Third Space set to replace the former Virgin gym.
Questions this report answers
+How much did the O2 Centre contribute to the local economy?
The O2 Centre contributed nearly £250 million to the local economy last year. This figure highlights its significant role in supporting businesses and employment across north-west London.
+What plans does Landsec have for the O2 Centre site?
Landsec plans to demolish the O2 Centre within the next 10 to 15 years to build 1,800 homes and new commercial spaces. The redevelopment includes office spaces, retail units, community areas, and a town square as part of a wider masterplan.
+How many jobs does the O2 Centre support?
The O2 Centre supports 3,348 jobs through its businesses. This demonstrates its importance as a major employer in the Finchley Road area and its contribution to the local labour market.
+What social value initiatives has Landsec delivered?
Landsec delivered over £1.8 million in social value through initiatives like employment programmes and community grants. These efforts have helped 45 individuals move closer to securing employment, supporting local workforce development.
Barnet Press News Desk
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