King’s Cross (London) Gets A £2 Billion Makeover

King’s Cross (London) Gets A £2 Billion Makeover

kings-cross-regeneration-project

It is estimated that by 2020 a total of 60 million people will pass through London’s King’s Cross Station each year. Those are the same figures seen right now at London’s Heathrow Airport. To accommodate such an influx of people and in order to modernise the whole King’s Cross precinct, plans to makeover the area have been unveiled by media.

There are plans to build 2,000 new homes aimed at first time buyers and low income earners as well as others. Included in the project are shops, art galleries, restaurants, offices, new streets and bridges over the Regent Canal.

To be built on current industrial wasteland that is home to crime and prostitution, the makeover is thought to help revive the King’s Cross area, turning it into something more modern and friendly.

Phase 1 of the project is funded by King’s Cross Central Limited Partnership – a group composed of Argent Group, London and Continental Railways and DHL Supply Chain. The group has come up with a whopping £150 million, and the University of the Arts London, has also invested £100 million for an onsite campus.

Construction is expected to start in 2010, beginning with flats, townhouses and penthouses as well as studios. Many of them will be affordable to lower income families allowing them to reside on the northern side of Regent’s Canal.

There will also be student properties and maybe even serviced apartments even though the developer isn’t sure about that just yet.

Planned for completion in time for the Olympics is 1-3 Canal Street. This is a brand new street that will comprise 50 one to three-bedroom apartments, townhouses and penthouses. All of them will be available for sale on the open market. Some other properties will be reserved for part-buy, part-rent government schemes and another 34 homes will be social housing.

Sport friendly residents will be able to enjoy a new sports pitch and a multi-storey car park. The project’s developer is hoping that the newly developed area will eventually rival the South Bank as a place for arts and leisure.

Ten new public squares will offer residents with plenty of spaces to sit and observe the action around them while enjoying fountains, theatres, cafes, bars and a lot more.

If plans work out, there will be 4.9 million sq ft of office space to let. A planned new primary school is also part of the project.

Everything will beautifully fit in with the fabulous transport link close by. King’s Cross St Pancras is arguably one of the best-connected stations in the country. There are six Tube lines, Eurostar services to the Continent, and scheduled high-speed domestic services to the Kent coast.

This will make the King’s Cross development a great spot for busy workers needing quick access to and from work with public transport.

The biggest question right now in the eye of the public is whether the development will actually go ahead. Since it is a long term project, many are nervous about finances. With an estimated cost of around £2 billion in total it is understandable when people are a little realistic in regards to current economic conditions.