Multi-million pound agreement will deliver first affordable homes at King's Cross Central
7 October 2009
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Public funding has been secured and a development agreement has been signed to deliver the first phase of affordable housing at King’s Cross Central, one of the most significant development and regeneration projects in Europe. The £42 million public funding package from the HCA to One Housing Group was approved by the HCA London Board, which is chaired by the Mayor, Boris Johnson.
The King’s Cross Central Limited Partnership (KCCLP) will build up to 284 affordable homes over the next five years, alongside open market housing for sale and/or rent. These affordable homes will be sold to One Housing Group, who will be responsible for lettings, management and maintenance. The first residents should move in by 2012.
The Mayor of London, Boris Johnson, said:
"Under my chairmanship, I am determined that the HCA London Board prioritises regeneration and delivers more quality affordable housing. So this huge commitment to delivering affordable homes gives me even greater confidence that King’s Cross Central is going to become one of the most vibrant and popular destinations for Londoners and visitors alike."
David Lunts, Regional Director for London at the HCA, said:
"This funding from the HCA means King’s Cross Central will deliver the right mix of affordable homes for the area and its wider regeneration. We have been working closely with Camden Council, the King’s Cross Central partners Argent, LCR and DHL and One Housing Group. This is a major boost for this vibrant new district of central London that will appeal to residents and visitors alike."
Robert Evans, Director of Argent (King’s Cross) Ltd, Asset Manager for King’s Cross Central, said:
"This Agreement represents a significant milestone for King’s Cross Central. We are now gearing up to deliver some of the very best affordable housing in the UK. Our first phase already includes the University of the Arts, a new boutique hotel, new public realm, historic building refurbishments, a state of the art training centre and National Skills Academy programme and now affordable housing. Already, we are starting to shape a mixed, balanced and successful urban community."
Alan Williams, Development Director at One Housing Group, said:
"We are delighted that the Development Agreement and funding arrangements are now in place. We look forward to working with the King’s Cross Central Limited Partnership to deliver a flagship scheme that will bring huge benefit to local people and the area as a whole, helping to create a diverse and sustainable community."
Councillor Andrew Marshall, executive member for community development and planning, Camden Council, said:
"We welcome this agreement and investment in our borough. We look forward to seeing affordable housing playing a key role in the King's Cross Central regeneration. I am delighted to see how much progress is being made as the whole development continues to move forward."
Councillor Chris Naylor, executive member for homes and housing strategy, Camden Council, said:
"This is great news for Camden residents and will mean a significant increase in the amount of affordable housing on offer in Camden. Local people will really see the benefits of this development."
The affordable homes include a mix of tenure and sizes to meet local and sub-regional housing need, and will contribute to the creation of a mixed and balanced new community. The Agreement for 284 homes provides:
- 205 affordable rented homes, including 79 with three bedrooms or more to accommodate larger families in housing need
- 55 “supported housing” dwellings, of which 40 will be specialist extra care housing for the elderly
- 24 shared ownership homes.
The new homes will be located next to the Regent’s Canal and adjacent to new parks and public spaces that will help to define a series of “home zones”. Design work is already well underway. Camden-based architect Niall McLaughlin’s scheme for 1-3 Canal Street has already secured full planning approval from Camden Council. PRP Architects, Maccreanor Lavington and dRMM are working on proposals for Plots R4, R5 and Plot J respectively.
In total King’s Cross Central has outline planning permission for 1,946 homes, of which 834 will be affordable homes. The development will deliver further affordable homes in the future and the HCA will continue to work with its partners to deliver the later phases.
Ends
For more information about the HCA contact Judith Hewitt on 020 7633 3484 or email judith.hewitt@hca.gsx.gov.uk
For more information about One Housing Group please contact Fiona Crook, Marketing & PR Officer on 020 7428 4107 or email fcrook@onehousinggroup.co.uk
For more information on King’s Cross Central contact: Kate Fisher, London Communications Agency, on 020 7612 8480 or via kf@londoncommunications.co.uk
Notes to editors:
The Homes and Communities Agency (HCA) is the single, national housing and regeneration agency for England. Its role is to create opportunities for people to live in high quality, sustainable places. The HCA provides funding for affordable housing, brings land back into productive use and improves the quality of life by raising standards for the physical and social environment.
One Housing Group currently manages over 12,000 homes in 26 local authorities across London and adjacent counties, with over 2,700 homes in the development pipeline. These include shared ownership schemes; intermediate rent homes for key workers, affordable rented homes and homes for outright sale.
Community Housing Association, Island Homes and Toynbee Housing Association joined to form One Housing Group in September 2007.
King’s Cross Central
King’s Cross Central is the most significant development and regeneration opportunity in central London.
The development includes almost 2,000 new homes, hotels and serviced apartments, up to 4.9m sq ft of office space, 500,000 sq ft of retail and extensive community, education and leisure facilities, all set within 20 new streets, 10 new major public spaces and the restoration of 20 historic buildings and structures which are to be retained and refurbished.
The development has the best public transport accessibility in London with access to 10 rail and underground lines and two major rail termini – St Pancras International and King’s Cross main line station.
The University of the Arts London will take a total of 420,000 sq ft at King’s Cross Central including the former Granary Building and the Eastern Transit Shed which will be converted into the new campus for Central Saint Martins College of Art and Design. The world famous College will take occupation ready for the 2011 / 2012 academic year.
KCCLP
King’s Cross Central is being developed by the King's Cross Central Limited Partnership, acting by its general partner, the King's Cross Central General Partner Ltd (KCCGP). The KCCGP Board is chaired by Sir David Clementi and is currently a partnership between three companies which all have seats on the Board. These are:
- Argent King's Cross Limited Partnership (AKXLP) – is backed by Argent Group, one of the UK's best respected property development companies and Hermes Real Estate on behalf of the BT Pension Scheme. Argent is the Asset and Development Manager for King’s Cross Central.
- London & Continental Railways Limited (LCR) - delivered the award winning High Speed 1 railway, including the rebirth of St Pancras International, on time and to budget.
- DHL - is a world-class provider of supply chain solutions. www.dhl.com
King’s Cross Central General Partner Board Members are: Sir David Clementi (Chairman), Peter Freeman (Argent), Roger Madelin (Argent), David Partridge (Argent), Alasdair Evans (Hermes Real Estate), Stephen Jordan (LCR), David Joy (LCR), John Casey (DHL Supply Chain), Roger Mann (DHL Supply Chain)
Argent (King’s Cross) Ltd is the Asset Manager for King’s Cross Central.