British Land is seeking approval to remove a clause that sets aside a minimum of 177,000 square feet at its proposed £1.5 billion Euston Tower development for scientific, technological and education uses, to open up the major development to other occupiers.
Planning permission was granted on 23 January for the partial demolition and reconstruction of the Euston Tower for predominantly Class E office use.
This permission included a clause in the Section 106 agreement for a minimum area of 16,476 square metres, the equivalent of 177,000 square feet, to be restricted for use by Knowledge Quarter occupiers, focusing on scientific, technological and educational activities.
According to planning documents, British Land has applied to remove the clause to ensure the building is more attractive to investors and occupiers.
Ahead of a Camden council planning committee on Monday planners have recommended allowing removal of the clause requiring Knowledge Quarter activities arguing it would not affect the amount of Class E(g) office floorspace being provided and the scheme would still bring in significant employment and economic benefits.
They add: "Furthermore, the building could still be used for Knowledge Quarter activities, removal of the obligation does not prohibit that from happening now or in the future, it simply makes it easier to fund and deliver. Officers consider it important to ensure that the project comes forward, that the building is occupied and that the scheme's benefits are fully realised."
British Land appointed Savills to find a joint venture partner for the £1.5 billion redevelopment, close to Euston Station, last year.
Located at the REIT's Regent’s Place campus, the scheme proposes 560,000 square foot of workspace. The 31-storey tower will comprise 19,000-square-foot floor plates, terraces and shared amenity spaces.
The Knowledge Quarter is close to internationally renowned academic and research institutions such as University College London, University College London Hospital and The Francis Crick Institute, and as such the tower will target science and technology businesses.
British Land is also developing over 300,000 square feet of best-in-class offices and lab space nearby at 1 Triton Square, in conjunction with Royal London Asset Management.
A spokeswoman for British Land said: "The vision for Euston Tower remains unchanged - to deliver a world-leading science, technology and innovation building for the Knowledge Quarter, with lasting benefits for Camden.
“The redevelopment will provide high-quality, flexible floorspace to support modern office and Knowledge Quarter uses. This deed of variation introduces flexibility to ensure the scheme can be delivered, fully occupied and adapt to changing market conditions, without altering the approved design.
“It will continue to deliver significant public benefits, including £27 million towards affordable housing, alongside jobs, apprenticeships, affordable workspace and public realm improvements.”