The project is expected to cost between £5bn and £8bn and could be operational by 2040 according to TfL, subject to planning and funding approval.

WW+P, which is lead architect for the project, will focus on the design aspects with AECOM responsible for all engineering matters, including civil, structural, mechanical and geotechnical engineering, as well as stakeholder engagement and consent.

Steve Bell, Regional Director – Europe at WW+P said: “We’re pleased that our work could see the progression of one of the most significant next programmes of regeneration in the region centred around transport-oriented development.”

Unlike most Underground lines, the Bakerloo line currently terminates in Zone 1 in central London, with its final stop at Elephant & Castle. This has been the case since the line opened in 1906, with various proposed extensions over the past century.

The current proposal will see the line run to Lewisham in Southeast London, improving accessibility and reducing journey times to the city centre.

The development plan is focused on regenerating two nearby former light industrial sites at Camley Street and Cedar Way covering around 3.56 acres.

The planned redevelopment will deliver around 350 homes – around 170 of these will be genuinely affordable homes and more than 200,000sq ft of commercial space.

Ballymore and Lateral will now form a joint venture and work with Camden Council and local residents to develop these plans before submitting for planning during the second half of 2025.

Feilden Clegg Bradley Studios are masterplanner and lead architect appointed by the council for both sites

Subject to planning permission being secured the joint venture would then acquire 3–30 Cedar Way Industrial Estate (‘Site B’ – 2.37 acres) on a long leasehold to deliver commercial space, private residential units and affordable homes.

Camden Council would directly deliver affordable housing and affordable commercial space on 120–136 Camley Street (‘Site A’ – 1.19 acres). 

John Mulryan, managing director, Ballymore said:  “Camley Street presents significant opportunities for both the Borough of Camden and London as a whole.

“It’s a huge site which has immense potential, and its success will rely on effectively connecting into the Knowledge Quarter ecosystem, ensuring the benefits are accessible to all and reach far and wide.”