The decision to sell the government’s 36.5% interest in King’s Cross Central Limited Partnership (KCCLP), which is developing land around King’s Cross Station, was announced by the chancellor in June. It is expected to raise millions for the Treasury.
Opening the bidding today, transport minister Robert Goodwill said: “By selling the government’s shares in King’s Cross Central we are selling an asset we no longer need to keep and realising its value for the taxpayer. The sale will help reduce the deficit and by doing so deliver lasting economic security for working people.”
Chief secretary to the Treasury Greg Hands said: “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.”
Lazard has been appointed as financial adviser to conduct the sale process, supported by Savills as real estate advisers. Bidders have until 7th September to contact Lazard.
The 67-acre King’s Cross estate is being developed into eight million square feet of mixed use space, consisting of offices, apartments, retail space, educational establishments and leisure areas across 50 new and refurbished buildings, and with 26 acres of public realm, including 10 new parks and squares, 20 new streets and 3 new bridges across the Regent’s Canal.