18.08.15
Sale of public stake in £345m public area around King’s Cross begins
A 67-acre site around King’s Cross Station will no longer be publicly-owned, as the government searches for a private buyer to redevelop the land as part of a multi-million pound deal, with all proceeds returning to the Treasury.
The decision to sell the land in King’s Cross Central Limited Partnership (KCCLP) around the station was announced in June, with the sale starting today (18 August).
The government holds a 36.5% stake in the KCCLP.
Greg Hands MP, chief secretary to the Treasury, said: “Cutting the deficit and building a strong economy are priorities for this government. Key to this is getting out of business of owning assets that should be in the private sector.
“Selling our stake in the land around King’s Cross is an important milestone which will raise money to pay down the public debt while also encouraging private sector investment in an important London site.”
The land, valued at £345m, will form part of the £545m of savings expected from the Department for Transport in 2015-16.
It is currently being transformed into a mixed space consisting of offices, residential properties and leisure areas in 50 new and refurbished buildings.
The space, next to the mainline and Underground station, offers 26 acres of public realm including 10 parks and squares, 20 streets and three bridges across the Regent’s Canal.