Public funding has been secured and a development agreement has been signed to deliver the first phase of affordable housing at King's Cross Central, one of the most significant development and regeneration projects in Europe.

The £42 million public funding package from the Homes and Communities Agency (HCA) to One Housing Group was approved by the HCA London Board, which is chaired by the Mayor, Boris Johnson.

The King's Cross Central 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.


Mr 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 Central 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 Central 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 Central 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."

In total King's Cross Central 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.

(CD/GK)