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O2 Centre

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Coordinates: 51°32′53″N 0°10′54″W / 51.5480°N 0.1816°W / 51.5480; -0.1816
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For other uses, see The O2 and O2 (disambiguation).

O2 Centre
O2 Centre logo
Top to bottom: East and front side of the O2 Centre.
Map
Location255 Finchley Road, London
Coordinates51°32′53″N 0°10′54″W / 51.5480°N 0.1816°W / 51.5480; -0.1816
Opening date1998; 26 years ago (1998)
OwnerLandsec
ArchitectHOK International
Parking518 cars
Websiteo2centre.co.uk

The O2 Centre is an indoor shopping and entertainment centre located on Finchley Road in North West London, near Hampstead, England.

Designed by HOK International and opened in 1998,[1] it is now owned by Landsec.[2] Despite the same name and originally very similar logo, it is no relation to the O2 telecommunications brand, which was launched four years later.[3] The name was chosen as reference to the spacious feel of the building, as O2 is the chemical formula for dioxygen.

History

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The pre-development O2 Centre site with the modern boundary marked in red (1957)
The same site in a 1946 RAF aerial photo

Development

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The opening of the centre in 1998 came after many years of the site remaining derelict. In the early 1990s, the buildings along Finchley Road were demolished in preparation for the centre, but problems with planning permission, with concerns over traffic in particular, led to construction being delayed by many years.[4] A great deal of consultation took place with local residents, including asking them to vote from a choice of 3 designs for the exterior of the building, relating to different kinds of periodic elements – and asking them to suggest a name.[citation needed] The O2 Centre opened with London's largest branch of Sainsbury's at the time,[5] and a Warner Village cinema (now Vue). The Observer reported in 1999 that, at the time, the building was "quiet" and that "people don't seem to know it's there".[6]

The centre was originally developed by the Burford Group and Capital & Regional's X-Leisure fund,[1] who had joint ownership. In 2004, X-Leisure bought out Burford's share for £25 million (about £40 million in 2023).[7][8][better source needed] X-Leisure itself was bought out by Landsec in 2013,[9] but not before it had sold off the O2 Centre to property partnership Matterhorn Capital in 2009 for £92.5 million (about £130 million in 2023).[10][11] One year later, Landsec bought back the O2 Centre from Matterhorn for £126 million (about £174 million in 2023).[12]

The original £15m budget for the build was exceeded in early 1997, causing a temporary delay in the build until additional capital investors could be found.[citation needed]

The centre contains a Sainsbury's, Aldi, Vue Cinema, Virgin Active, Waterstones and some restaurants such as Wagamama, Nandos, Zero Zero and Starbucks.[13]

Proposed closure

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In November 2020, following the COVID-19 pandemic, Landsec announced it intended to sell over £4bn of assets in the next four to five years.[14] In December 2020, Landsec announced it would be closing the O2 Centre, which would be demolished for 1,800 new homes to be built, with some retail included, in the future. In March 2023, the first phase of the redevelopment plans were approved by the Camden London Borough Council's local planning authority.[15][16][17]

Transport

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The closest tube station is Finchley Road, 100 yards south, served by the Jubilee and Metropolitan lines. Finchley Road & Frognal station served by the London Overground is a short walk away while West Hampstead Thameslink railway station, West Hampstead railway station and West Hampstead tube station are also in close proximity, accessed by walking along B510 West End Lane, to Blackburn Road to connect to a pedestrian and cycle path to the car park, next to the Homebase.

There are several bus and coach routes that stop right outside the O2 Centre including 13, 113, 187 and 268. Also close by on West End Lane are C11, 31, 46, 139, 328 and 603 bus stops. Local night buses are N113.

The redevelopment plans include a proposal to add a new entrance from the site to the Finchley Road tube station, potentially including making the station fully accessible.[16]

References

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  1. ^ a b Raiford, Regina (October 1999). "Take a breather". Buildings. 93 (10). Nashville: Endeavor Business Media: 62-66. OCLC 1537672. ProQuest 210233139 – via ProQuest.
  2. ^ "LandSec confims purchase of O2 Centre". Estates Gazette. 12 April 2010. Retrieved 7 August 2024.
  3. ^ "BT denies conflict in O2 name". Campaign. 4 September 2001. Archived from the original on 21 August 2024. Retrieved 7 August 2024.
  4. ^ "Land to the rear of 241-279 Finchley Road, NW3 - 9501238R2". Planning Portal. Camden London Borough Council. 1996. Archived from the original on 7 August 2024. Retrieved 7 August 2024.
  5. ^ Webster, Sue (13 December 1998). "Restaurants: Table talk". The Observer. p. 38. ProQuest 250354995. Archived from the original on 21 August 2024. Retrieved 20 October 2023 – via ProQuest.
  6. ^ Lane, Harriet (24 January 1999). "Fancy a film tonight?". The Observer. Archived from the original on 21 August 2024. Retrieved 20 October 2023.
  7. ^ "X-Leisure buys rest of O2 mall". Retail Week. 6 August 2004. Archived from the original on 7 August 2024. Retrieved 7 August 2024.
  8. ^ "X-Leisure takes sole ownership of O2 Centre". Leisure Opportunities. 29 July 2004. Archived from the original on 7 August 2024. Retrieved 7 August 2024.
  9. ^ Monaghan, Angela (19 September 2013). "Property company Land Securities takes 95% control of X-Leisure". The Guardian. ISSN 0261-3077. Archived from the original on 21 August 2024. Retrieved 7 August 2024.
  10. ^ "London Mixed-Use Property Acquired". Real Estate Finance and Investment. London. 13 April 2009. ISSN 1529-6644. ProQuest 197796678. Archived from the original on 7 August 2024. Retrieved 20 August 2024 – via ProQuest.
  11. ^ "O2 centre bought by local millionaire 'boys'". Ham & High. 12 March 2009. Archived from the original on 7 August 2024. Retrieved 7 August 2024.
  12. ^ "LandSec buys O2 Centre". EuroProperty. Sutton. News: in brief. 19 April 2010. ISSN 0961-9712. ProQuest 224175179. Archived from the original on 7 August 2024. Retrieved 20 August 2024 – via ProQuest.
  13. ^ "Shops at The O2 Centre". O2 Centre. Archived from the original on 21 October 2023. Retrieved 20 October 2023.
  14. ^ Kollewe, Julia (10 November 2020). "Land Securities writes almost £1bn off property portfolio". The Guardian. Archived from the original on 21 August 2024. Retrieved 19 November 2020.
  15. ^ "The O2 shopping centre faces demolition". Camden New Journal. Archived from the original on 24 January 2022. Retrieved 3 May 2022.
  16. ^ a b "The O2 Masterplan - 2022/0528/P". Planning Portal. Camden London Borough Council.
  17. ^ "First phase of 02 Centre development approved after marathon planning meeting". Camden New Journal. Archived from the original on 21 October 2023. Retrieved 20 October 2023.
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