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Camden Market owners unveil plans for a new ‘campus’

LabTech reveal plans for Camley Street site

03 September, 2018 — By Dan Carrier

An artist’s illustration of how the homes development will look at Camley Street

THE owners of Camden Town’s markets are gearing up to open a new co-working office and housing space in King’s Cross – confirming their position as one of the borough’s biggest private landowners.

LabTech, the company of billionaire Teddy Sagi, has slowly amalgamated the ownership of a raft of markets, from The Stables to Camden Lock, and the new Hawley Wharf site to Buck Street, which they aim to redevelop this autumn.

The firm also own blocks in Holborn and say they will continue to add to their two million square feet of property in Camden. This month LabTech unveiled plans for what they describe as a new “campus” on Camley Street, overlooking the Regent’s Canal and on the borders of developer Argent’s mega-development of the King’s Cross railway lands.

It will be used for housing and high-tech co-working office space, where businesses can rent desk space on a monthly basis and tap into LabTech’s business know-how. The site once housed a parcel delivery depot for the firm DPD. It is now a new 13-storey block. LabTech bought the site last year and expect building work to be finished in 2019.

And with the news announced this month that social media giant Facebook has bought three large office blocks nearby, LabTech believe King’s Cross rivals any other district in London for tech businesses.

LabTech director Chen Moravsky said: “King’s Cross is very attractive. There are so many changes happening and new exciting brands entering the area – look at Google, Universal and others. It is an appealing residential area next to the canal and is close to our other London campuses. It’s the perfect place to base our third campus.” Mr Moravsky said the block boosted the firm’s continuing investment in the area.

He added: “It does [make us one of the largest landowners] in the borough. We believe in Camden and we believe in the transition this area is making into tech. We are highly focused and very excited about this area.”

LabTech have yet to confirm who will manage the affordable homes but confirmed they are speaking with housing associations.

This is not the last of the large redevelopment projects in Camley Street – and could further push up the value of a swathe of land owned by Camden Council that is currently being considered for redevelopment. An industrial estate just north of LabTech’s new complex is home to a number of wholesale firms including well-established catering companies. They have banded together to set up a Community Land Trust and hope to take on a long-term lease from Camden Council.

The Town Hall is currently considering what the future holds for their site and the investment by LabTech will be seen as another sign of how attractive the Camley Street area is to developers. Elsewhere the firm have announced the opening of a new suite of offices and workspace in Holborn. Based in Southampton Place, it is set in a grade-II listed

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