Argent & Hermes Clients Funding Residential Development at King’s Cross
The King’s Cross Central Limited Partnership (KCCLP), the developers of the 67 acre King’s Cross project, have agreed terms for the independent charitable organisation DSF to acquire 77 of the 255 homes to be delivered in Building P1 at King’s Cross. DSF invest in, develop and rent property for working Londoners, and these DSF homes will be one and two bedroom high-quality and highly sustainable apartments for people living and working in both Camden and Westminster. It is a significant step in DSF’s aim to provide 1,000 new affordable homes for people in central London by 2020.
KCCLP will deliver building P1, with funding from Argent and Hermes clients.
Brian Ham, Chief Executive of Dolphin Square Foundation said: “We are committed to the supply of new, high-quality sustainable homes in central London and so we are very pleased to have agreed this deal with the King’s Cross Central Limited Partnership to be a partner at King’s Cross – central London’s most significant development. This latest deal for 77 homes brings the total number of DSF homes with planning agreed or in the pipeline for approval to 344, moving us closer to our affordable housing target for central London.
“We are also delighted to be part of an innovative element of the development and believe the approach being taken could be an effective model to deliver more homes for rent, as per the agenda of the recent Montague Report.”
KCCLP intends to release for sale 50% of the 178 open market homes in P1 and retain the other 50% as an investment in the privately rented sector. Overall, these 255 homes bring the total number of homes occupied, under-construction or in for approval with Camden to some 760.
Robert Evans, from KCCLP said: “We have always intended to include a range of housing types and tenures within the King’s Cross development. Dolphin Square Foundation will provide a first rate, rented product, accessible to key workers and others on moderate incomes. We are delighted to have reached this agreement with them, to make them part of King’s Cross.
“Given the scale of King’s Cross, the Partnership has decided to take forward half the open market homes in P1 (around 90 homes) for rental and hold them as an investment for the medium term. The development will therefore offer the Partnership a mix of sales receipts and rental income and hopefully provide some exposure to continued growth in both rents and capital values.”
P1 will also include not one, but two schools. The first is a two-form entry primary academy school for children aged 5-11. The second is the Frank Barnes’ School for Deaf and Hard of Hearing Children, which is a relocation of this much loved local school from a temporary home in the former Jubilee Waterside Centre. A 26-place nursery for children aged 3-4 years will also be provided.
Robert Evans continued: “The integration of two schools within the building is the result of a partnership with Camden Council and joint working on their design, specification, funding and delivery. We aspire to create London’s best teaching and learning environment for both mainstream and deaf and hard of hearing children. Building P1 presents a special opportunity to harmoniously co-locate school, community facilities and residential accommodation to create a thriving new urban community.”
Planning reserved matters for P1 have now been submitted to Camden Council and assuming approval is granted, construction could start in early 2013 with completion in early 2016.
The architects are David Morley Architects and Knight Frank has advised the Partnership on residential matters.
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