Government to sell King’s Cross stake

Government to sell King's Cross stake



The Government has begun selling its stake in the King’s Cross Central development….


The Government has begun selling its stake in the King’s Cross Central development...
 
The 67-acre estate is being developed into eight million sq ft of mixed use space including offices, apartments, retail space and educational establishments.
 
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.”
 
The sale has been launched by real estate advisor Savills and investment bank Lazard.
 
Stephen Down, Savills Head of Central London Investment, explained: “King’s Cross is a key European gateway to London and in creating a new area of London which combines open space with homes, offices, retail, leisure and education facilities it encompasses everything modern occupiers want and has secured an extremely impressive list of tenants and owner occupiers.
 
Occupiers of the new development include Google and the University of Arts London. 
 
“With added phases of development underway, this represents excellent value in a market which is set to benefit from further rental growth,” added Stephen.
 

The decision to sell its share in the development was announced by George Osborne in response to the Queen’s Speech to the House of Commons in June. 



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