- £42 million public funding package from the Homes and Communities Agency (HCA)
- King’s Cross and One Housing Group sign Development Agreement to deliver the first phase of affordable housing
- Agreement will see up to 284 affordable homes built over the next 5 years.
Public funding has been secured and a development agreement has been signed to deliver the first phase of affordable housing at King’s Cross, 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 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 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 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 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, said:
“This Agreement represents a significant milestone for King’s Cross. 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 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 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 Reach 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 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.