The ambitious scheme will see the plot of land between Parkway, Arlington Road and Inverness Street transformed into 244 student studios and 49 affordable homes – with new restaurants, shops and a cafe.
Camden Council planners last week gave unanimous approval to Camden Town Xchange, which they hope will revitalise the area and celebrate its creative heritage with a new cultural space that could be a performance venue or immersive gallery.
The historic Odeon cinema, which is due to close in spring 2026, will be bulldozed except for its Art Deco facade in Parkway, which will be restored.
The Mecca Bingo, which closed last year, will be turned into a flexible 1,000sq m cultural and leisure space, which could be a performance venue or immersive gallery.
Plans drawn up by architects AHMM will replace largely blank street fronts with something more vibrant and appealing, including planting greenery.
Camden Vision, the group behind the development, hopes the transformation will open a new chapter for Camden Town and drive its regeneration.
Back in the summer it consulted with local residents and businesses who broadly welcomed the opportunity to breathe new life to Inverness Street Market and replace vacant or dated buildings which had drawn anti-social behaviour.
Chris Shaw of Camden Vision said: “The unanimous approval from Camden Council based off high levels of local support marks an exciting moment for Camden Town Xchange and the future of this iconic site.
“We’re grateful to everyone who shared their views through the consultation, which has helped shape a fantastic proposal that reflects Camden’s unique character and priorities.
“We’re eager to continue this collaboration as we deliver this missing part of the Camden Town jigsaw and will keep the community updated throughout the journey.”
Philip Turner, executive director at AHMM, said the site was a rare opportunity for a pair of contemporary buildings to add to the existing distinctive character of Camden Town centre.
