Government kicks off King’s Cross land sale

By:

Richard Johnstone

17 Aug 15

The government has begun the process that will sell off the taxpayers’ stake in the firm leading a major redevelopment project in King’s Cross in London.

The government has begun the process to sell the taxpayers’ stake in the King’s Cross Central development in London as part of its programme of asset and property sales.

Photo: King's Cross

The Treasury and the Department for Transport confirmed today that a buyer is being sought for the taxpayers’ 36.5% stake in the King’s Cross Central Limited Partnership, which is developing 67 acres of disused land adjacent to the central London train station. The site is being redeveloped with offices, residential and leisure properties.

The planned sale forms part of the government’s current programme of asset and property sales.

Although the government has not set out how much it expects to raise from the disposal, it forms part of the £545m of savings the Department for Transport must make in 2015/16.

Chief Secretary to the Treasury Greg Hands added the sale is expected to be a multi-million pound transaction, with all proceeds returning to the Treasury.

“Cutting the deficit and building a strong economy are priorities for this government,” he stated. “Key to this is getting out of the business of owning assets that should be in the private sector.

“Selling our stake in the land around King’s Cross is an important milestone which will raise money to pay down the public debt while also encouraging private sector investment in an important London site.”

Transport minister Robert Goodwill added the government no longer needs to keep its stake in King’s Cross Central as the redevelopment process is well under way, and the sale will help to reduce public sector borrowing.