O2 Arena could see 36-storey tower block built next door

By Joe Coughlan, Local Democracy Reporter

A 36-storey tower block with 800 new homes could be built next to the O2 Arena in Greenwich.

The plans for the tower, named One Peninsula Square, were released by the developer, Crosstree, on Saturday.

The site would include a shared gym and community spaces, with 35 per cent of the homes “affordable”.

Located south of the O2 Arena and east of North Greenwich Tube station, the ground floor of the building would include a new space for shops.

Developers also plan for the site to serve as a gateway between the Tube station and nearby bus stations.

According to Crosstree, the site was previously home to the East Greenwich Gasworks.

Greenwich council previously approved plans to build a tower block on the site in 2018, when developers AEG sent designs for a building with 260 homes, with 22.5 per cent being considered affordable.

Crosstree bought the site from AEG after it decided to not continue with the project.

The two companies together own the O2 in North Greenwich and have invested more than £250m in the area as a whole.

The design for the new building is similar to the previously approved plans in 2018, with the 115m height of the tower remaining unchanged.

Differences in the new design include slightly slimmer features and 632 cycle spaces to encourage less car use.

Explaining why the new homes are aimed at students, Crosstree said in its plans that the number of students across London is expected to rise by 25 per cent by 2030.

The developers described the proposal as “an exceptional opportunity for students to live in a vibrant and well-connected part of London”.

An application to build the new tower block is scheduled to be submitted to Greenwich council by early next year, with plans to complete the building by summer 2026.

Crosstree was approached but declined to give a comment.

Pictured top: The proposed tower block at One Peninsula Square (Picture: Crosstree)