King’s Cross Central

Adrian Lee

Overview

• LCR• Context• Developer Selection/Structure• Planning Process• Current Progress

London & Continental Railways

• Wholly owned by DfT• Responsible for

construction of Channel Tunnel Rail Link (HS1)

• Strategic property interests at King’s Cross and Stratford

• Restructured as a property business

• Pursuing regeneration opportunities for HS2.

HS1 and Development

• Selection of East London route• Stations as catalyst for regeneration.• Regeneration was one of 3 core objectives of HS1.• Land around stations kept in single ownership.• Long-term view to capture growth in land values

around stations.• Colin Buchanan and Volterra (2009) estimated HS1

will deliver £17.6 bn of economic benefits.

Planning Blight

King’s Cross 1996

67 acres in Central London

Public Transport Access

Six tube lines; one International transport hub

New underground

entrance

Upgrade of Tube Ticket

Hall

New Northern Ticket Hall beneath new King’s Cross Station Concourse

New King’s Cross Station

Western Concourse

Transport Upgrades

St Pancras International

Transport Upgrades: St Pancras International

Transport Upgrades: King’s Cross Station

King’s Cross 1894

Site Ownership

• Circa 67 acres• LCR – 73% (DfT)• Exel (Formerly NFC)

27%• Land-pooling Agt 2001• Site used for HS1

construction

Joint Venture Structure

King’s Cross Central Limited Partnership

LCRExel

ArgentAustralian Super (2015) Independent Chairman

Asset Manager

Argent

Development Manager

Argent

Fee

King’s Cross Site

Sales and rental receipts

Shareholder advances

Joint ventures

Bank debt

Planning Progress 2000-2004

Planning Progress

King’s Cross Central SchemeMixed Use Development of 7.95 million sq ft

• Offices – 4.9 million sq ft• Residential – 2.1 million sq ft)

(c. 2,000 apartments) • Retail - 495,000 sq ft• Hotels/Serviced Apartments – 508,000 sq

ft• Health, Education & Culture – 805,000 sq

ft• Leisure - 342,000 sq ft

• 40% of site is public realm (11ha / 27acres)

King’s Cross CentralA major new piece of Central London.

20 historic buildings/structures50 new buildings10 new public spaces1km of Canal side

Land UseOffice

Residential

Retail

Education, community, culture, leisure and hotels

Part of Central London

University of the Arts

Interim Use

Activation

Regeneration Contribution

Size (sqm) Jobs Homes Cost (£mn)

Stratford City

1,250,000 34,000 5,500 4,800

King’s Cross 800,000 29,500 2,200 2,500

Totals 2,050,000 63,500 7,700 7,300

Lessons Learnt on Development

• Secure the land, land pool with others• Establish the planning framework• Select an appropriate development partner• Establish JV partnerships• Be flexible on approach.• Share the risk and the profit• Focus on robust development structures, financial

capacity and experience rather than design competitions and masterplans.

Lessons Learnt on Development (2)• Building positive relationships with local authorities

and wide range of stakeholders • Early engagement on development opportunities to

influence policy and to lever station design • Don’t underestimate resources for interim property

management and a strategy required.• Property can delivery income, profile and local

engagement in excess of share of project costs.

King’s Cross