The government has sold its 67-acre King’s Cross site to pension fund AustralianSuper for £371m.
The site will be redeveloped into offices, residential and leisure properties.
Department for Transport Minister of State Robert Goodwill said: “I am delighted that the sale of government’s shares in King’s Cross Central, an asset we no longer need to keep, has enabled us to realise its value for the taxpayer.
“This sale is an excellent example of how we are reducing the deficit and delivering lasting economic security for working people.”
King’s Cross is a central London development made up of homes, offices, schools, restaurants and shops.
The development, with 50 new and refurbished buildings will have 26 acres of public land, including 10 new parks and squares, 20 new streets and three new bridges across the Regent’s Canal.
Jack McGoughan, Head of Property at AustralianSuper, said: “We are pleased to have secured an increased stake in this iconic mixed use development and look forward to working with our co-investors and the Argent development team to create a vibrant, commercially successful neighbourhood in central London.”
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