Lovells is acting for Argent St. George Limited in its acquisition and regeneration of the King's Cross development lands. The contract was exchanged on the 4 September 2001 and the value of this project is expected to be in excess of £1billion.
King's Cross is a site of more than 50 acres lying to the north of the current King's Cross mainline railway station and to the east of the current St Pancras mainline railway station and is likely to be the largest regeneration project in central London in the foreseeable future. It will be developed next to the Channel Tunnel Link and Thameslink 2000 at St Pancras (which, together with King's Cross mainline and the London Underground stations serving the area, will form Europe's leading transport interchange) offering excellent transport links as well as the potential for sustained growth.
Argent St George Limited is a joint venture between Argent and St. George (two of the UK's leading developers) and has entered into an acquisition and development agreement with London & Continental Railways Limited (the company responsible for the high-speed Channel Tunnel Rail Link) and Exel PLC (who own a substantial part of the land around the Regents Canal) for the purchase and regeneration of the site.
Lovells are now working with Argent St George and its other advisers on the preparation of the master plan for the site (in conjunction with London & Continental and Exel) which will be followed in due course by the submission of a planning application. The Lovells team is led by property partner Andrew Sanders, assisted by Gill McGreevy, with partner Michael Gallimore, assisted by Kirsten Hewson, advising on the planning aspects.
Herbert Smith (Christopher Harrison, Richard Forsdyke, Harish Narasappa) are acting for London & Continental Railways Limited, Kingsford Stacey Blackwell (Christopher Boyce, Robert Neville and Roy Willis) for Exel Holdings Limited and CMS Cameron McKenna (Nick Brown) for the Secretary of State for Transport, Local Government and the regions.
Andrew Sanders said:
"This scheme is a landmark urban regeneration project and has the potential to totally transform an undervalued area of London. It is enormously satisfying to be a part of such a venture. The legal agreement between Argent St George, LCR and Exel is both innovative and exciting. It establishes a joint venture between the developers and landowners and encourages all parties to look to the long-term, as owners and investors. Specifically, the agreement will enable us to establish, jointly, a collective ownership structure for the development as it progresses. "
For further information please contact:
Andrew Sanders, Partner
Edmund McMahon Turner, Press Office
Notes to Editors:
Lovells' property practice consists of over 150 lawyers including 34 partners and this year won both Legal Business Property Firm of the Year and NACORE Advisors of the Year Awards. The practice has been heavily involved in advising the Prudential in the redevelopment of the Arndale centre following the IRA bomb in 1996 and working with Abbey National on the outsourcing of its property portfolio to Mapeley.
Argent Group plc is one of the most successful commercial office and mixed-use developers of the 1990s. Argent is wholly owned by the British Telecom Pension Scheme and is perhaps best known for its 17 acre Brindley place development in central Birmingham.
St George plc is London’s leading residential and mixed use developer and part of the Berkeley Group plc. St George operates exclusively within the London area and has a reputation for quality and innovation in all aspects of the residential market. This includes successful partnerships with local authorities, housing associations and universities to deliver a variety of affordable housing and student accommodation.
London and Continental Railways (LCR) is the company responsible for the design, construction, operation and finance of the high-speed Channel Tunnel Rail Link (CTRL) from Folkestone to St Pancras.
Exel plc is a world-class provider of supply chain solutions, encompassing logistics, warehousing and distribution. Exel own property to both the north and south of the Regent's Canal, including a variety of industrial buildings and a goods yard.