Rebuilding King's Cross in London, the United Kingdom

London, United Kingdom

King's Cross Central Limited Partnership

TOD; PPP; Railway; Comprehensive Development

The expected time of completion of project is 2016.

The 2004 London Plan, Spatial Development Strategy for Greater London detailed improvements to King’s Cross, including completion of several railway and urban rail projects, to make it the most convenient location for transportation in greater London. King’s Cross has the largest urban public transport transfer station in London. The demand for real estate in London is growing as is the pace of development. The growth of market demand and transport improvements necessitate the redevelopment of King’s Cross Station.

In 2008, London & Continental Railways, Argent, and DHL jointly established King's Cross Central Limited Partnership and became the sole land owner and developer of the King’s Cross project. Argent owned 50% of the partnership, London & Continental Railways owned 36.5% and DHL owned 13.5%. The King’s Cross project transformed an underused industrial area into a major transport hub and a mixed-use development with homes, shops, restaurants, galleries, schools, public spaces, and offices that will promote economic agglomeration and integrated development of London. The project aims to improve this region’s infrastructure, provide jobs, promote local economic development, create high-quality public spaces, and raise tax revenue for the local government.

As of March 2014, 57% of the rebuilding project was completed as per construction area. The average house rent in this region was increased from GBP 700/ft to GBP 1,400/ft.

London & Continental Railways earned GBP 78.8 million in profits from King's Cross Central Limited Partnership in fiscal year 2012-13, GBP 85.1 million in profits in fiscal year 2013-14, and lost GBP 11.7 million in fiscal year 2011-12. The shareholding ratios of London & Continental Railways, Argent, and DHL were 36.5:50:13.5.

London & Continental Railways, Argent, and DHL

The regional reconstruction project is still ongoing. As of March 2014, 57% of reconstruction project was completed.

A real estate development company (Argent) is introduced to implement comprehensive development of urban areas around a railway station, and thus promote regional economic development and urban renewal.