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The King’s Cross redevelopment project, spearheaded by Argent, is the subject of a 20% offer of sale, valued at £2 million, and which, it is anticipated, will attract sovereign wealth funds and pension funds, with potential for the stake available to vary in percentage, depending on investor interest.
The 67-acre development is expected to create 2,000 new homes, 10 public squares, 26 acres of open space and 50 other buildings by the time it is completed, and will have its own new dedicated postcode.
Partnering with Argent in the development are DHL and London and Continental Railways.
The King’s Cross area is owned by King’s Cross Limited Partnership, with Argent acting as asset manager, a partner since 2001, and having also managed redevelopments at Manchester’s Piccadilly station and Brindleyplace in Birmingham.
With new and refurbished hotels, restaurants, and arts and university buildings already up and running, and bringing in the clientele, the area is far removed from the dilapidated site it once was, with surrounding rents to prove it.
Rothschilds and GM Real Estate have been instructed to market the stake in the development.
Information on the development can be found here [http://www.kingscross.co.uk/whos-developing-kings-cross].
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.