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SHAPING the PRIVATE RENTED SECTOR
KING’S CROSS
Area Update from Young Group, SHAPING the PRIVATE RENTED SECTOR
An Introduction
The Kings Cross Area tunnel and St Pancras, was the catalyst for the £6bn redevelopment of King’s Cross. The property company, which won the HS1 concession, said it quickly realised that an opportunity to restore the high Victorian St Pancras terminal and to rebuild the derelict land around the transportation hub had presented itself.
In 2006 Young Group and our clients reserved a selection of one and two bed apartments in Kings Quarter, a short walk away from Kings Cross and St Pancras stations. The properties completed in 2008. As many clients may not be familiar with the local area, we thought it would prove useful to give you an update of how the area has transformed. The redevelopment of Kings Cross was one of the principal reasons for investing there and we are delighted that this master plan is now well on the way to being delivered. Kings Quarter has been, and continues to be, particularly popular for rental with young professionals and those in academia; both staff and students at all levels. Although there have been very few sales that have taken place since completion, local comparable data and re-mortgage data suggests healthy capital appreciation has already taken place. We see this set to continue as Kings Cross matures over the next five years and beyond. We hope that you enjoy this update and would welcome any feedback that you may have.
The area formerly had a reputation for being underdeveloped and run-down. However, rapid regeneration since the mid-1990s has rendered this reputation largely out-of-date, aided in part by the high profile redevelopment of King’s Cross and St Pancras International station and re-location of the Eurostar train service here from Waterloo. Regeneration of the area continues under the auspices of King’s Cross Central, a major redevelopment in the north of the area, adjacent to the station.
With great tube, bus and road transport links to Central London, as well as national and international (Eurostar) trains departing from St Pancras International, it’s a perfect location from which to travel in all directions. With the diversity of life that Kings Cross offers, with many niche pubs and restaurants, it has something for everyone. York Way and the immediate area surrounding it has seen the addition of a large Pret A Manger, Nandos, Tesco store and gastro pub ‘The Fellow’ to name but a few. The decommissioned petrol station, known as ‘The Filling Station’ is now Shrimpeys; a pop up ‘deluxe dinette’.
Although the station areas of King’s Cross and St Pancras are now completed, the surrounding area, with a total investment of around £3bn, is still opening up before our eyes. The Kings Cross area is a true success story as it goes through a period of substantial transformation with a wide range of residential and commercial development projects, area beautification and enlivenment. The area is now home to an eclectic mix including bankers, journalists and university students as the ambitious regeneration of the station and its neighbour, St Pancras, have started to revitalise this London district.
www.kxfs.co.uk
The government’s decision to undertake High Speed 1, between the Channel
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Area Update from Young Group, SHAPING the PRIVATE RENTED SECTOR
Young Group and King’s Cross Kings Quarter & Clayton Crescent Kings Quarter & Clayton Crescent, is a contemporary development of luxury 1 and 2 bedroom flats that make up part of the multi-billion regeneration of the King’s Cross area. All of the properties provide a private
outside space, underfloor heating, quality appliances and benefits from an on-site concierge service. The development resides in one of the best connected locations in London, within a short walk of King’s Cross and
Redevelopment Awards The NLA’s New London Awards 2013 New buildings at King’s Cross have been successfully shortlisted an impressive five times in these prestigious awards:
King’s Cross is a popular residential location and continued housing development assists in meeting the demand from purchasers and renters alike. ArtHouse
Canal Reach Townhouses and apartments in a block crowned with a sky garden. Coming later on will be the eagerly awaited apartments that will be built within the iconic Victorian gasholder frames. These listed cast-iron structures have been dismantled and put in safe storage pending the start of construction.
• Saxon Court, Roseberry Mansions and Tapestry have been shortlisted in the Residential category
• Argent’s offices have been nominated in the Office Interiors category Property Week Awards 2013
The development is made up of 99 properties.
Creating Living Space
• The Great Northern has been shortlisted in the Hotels category
• The King’s Cross Filling Station has been shortlisted in the Temporary category
St. Pancras and is less than 2 miles to Oxford Street and the West End.
Regent Quarter Now close to completion - this development will provide 114 flats, all housed in a building with a façade of terracotta tiles, polished stainless steel and sliding Louvre screens. Sales prices have exceed £1,000/sqft in this high end development on York Way.
A former engineering yard next to King’s Cross station that will become a smart community of homes, design studios and small business premises in cobbled courtyards.
At the ceremony King’s Cross Central received the Regeneration Award while Argent, its developer, was named as Developer of the Year.
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Area Update from Young Group, SHAPING the PRIVATE RENTED SECTOR
Area Enlivenment
Business
The regeneration of King’s Cross has been mindful of the need to create a cohesive mixed neighbourhood. All the attendant commercial, leisure and entertainment facilities that are required to make an attractive residential proposition are in evidence.
King’s Cross is much more than a residential destination. There has been a concerted, and successful, drive to attract big business to the area.
The Outdoor Sports Area
Google moves to King’s Cross
King’s Boulevard
The site will be the internet giant’s European headquarters and is the company’s first design-and-build project anywhere in the world.
This floodlit, all-weather sports pitch is perfect for five-a-side or basketball and has a seating area adjacent to the pitch and outdoor play equipment is available for younger children.
Leafy King’s Boulevard is a new and vibrant pedestrianised ‘city street’ and the main thoroughfare at King’s Cross. It links King’s Cross and St Pancras transport hub to Granary Square and the area north of Regent’s Canal.
King’s Place
Granary Square
King’s Place is a hub for music, art, dialogue and food, housed in an awardwinning building in Kings Cross, which also provides world class conferencing, events and office space.
This is London’s newest square and one of the largest of its kind in Europe.
Since opening to the public in September 2008, a diverse and open minded programme has established Kings Place as one of Europe’s leading cultural landmarks. www.kingsplace.co.uk
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Google’s arrival at King’s Cross is likely to prompt other digital companies to set up shop in the surrounding area, creating a new technology hub with start-ups that will hopefully come up with the competitive edge in ideas in years to come. BNP Paribas Real Estate, Camden Council and the Aga Khan Foundation
All of these companies have bought space on sites in King’s Cross and the completion is expected in the next few years.
The square has over 1,000 choreographed fountains - each individually lit and they are at their most spectacular at night. All around the square are historic buildings - giving the space atmosphere and character. And with 5,000 staff and students of the University of the Arts London now in the Granary Building, there is always activity here.
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Area Update from Young Group, SHAPING the PRIVATE RENTED SECTOR
The Future Plans The King’s Cross story continues… Waitrose has confirmed an exciting new presence at London’s King’s Cross
Quality supermarket brand Waitrose has agreed a deal for a 29,000sq ft food and wine shop and a 3,000sq ft cookery school The shop and cookery school are expected to move into the restored Grade II listed Midland Goods Shed and East Handyside Canopy in spring 2015.
About Area Update
About Young Group
For a decade, many of Young Group’s clients have invested in Private Rented Sector assets following our identification of target areas that offer a strong case for future capital appreciation. Our Area Update series charts the impact that investment and regeneration is having in our target areas. It also provides a flavour of the character of the neighbourhood and it’s desirability as a place for our residents to call home.
Young Group has been shaping the Private Rented Sector since 2003 through research, finance, investment and asset management. Our clients range from private individuals to corporates and institutional investors.
For further information
Pancras Square
We provide consultancy and advisory services to those currently invested in the PRS and to those considering investing in the asset class.
David Mackenzie Director of Asset Management Young Group
This is an entirely new London square that will be the focal point for the new office community south of Regent’s Canal. The square will be an important pedestrian thoroughfare and the ideal place to relax.
Our Private Rented Sector consulting advice spans all aspects of the PRS from strategic, operational considerations through to the day-to-day asset management of PRS holdings. Dayto-day asset management of Private Rented Sector investment assets is delivered through Young London, our lettings and management business. Young London has won multiple awards from The Times, The Sunday Times, HSBC and Bloomberg for its quality of service.
Young Group is the publisher of PRSupdate.
+44 (0)20 7531 7717 dmackenzie@younggroup.co.uk www.younggroup.co.uk
Tables will spill out from the cafés and restaurants around the square giving the area energy and buzz throughout the day and into the evening.
King’s Cross in numbers A whole new London neighbourhood: • • • • • • •
50 new buildings 2000 new homes 20 new streets 26 acres = 10 new public squares 3.4 million sq. ft. of workspace 500,000 sq. ft. of retail 8 million sq. ft. in total
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