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 LCR Exel Argent Australian 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

Planning Progress

King’s Cross Central Scheme Mixed 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 Central A major new piece of Central London. 20 historic buildings/structures 50 new buildings 10 new public spaces 1km of Canal side

Land Use Office Residential Retail Education, community, culture, leisure and hotels

Part of Central London

University of the Arts

Interim Use

Activation

Regeneration Contribution

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