The Mayor of London, Boris Johnson today (Wednesday, January 8) visited the Kings Cross regeneration area, where Europe’s leading real estate and property advisor is constructing its new British headquarters.
In a major boost for London’s position as a global financial powerhouse, French company BNP Paribas Real Estate is the latest firm that intends to put down roots at Kings Cross. Kings Cross is one of 33 Opportunity Areas designated by the Mayor with significant capacity for new housing, commercial and other development. The area has recently benefitted from a £550m upgrade, with the original station building and its platforms overhauled and a spectacular new western concourse constructed. Passengers can travel to Paris from London in just over two hours.
The redevelopment of the station area has been a catalyst for one of the largest regeneration schemes in Europe, with 67 acres of brown field land being redeveloped to create eight million sq ft of offices, retail and 2,000 new homes and a 75,000 sq ft public space. The BNP Paribas Real Estate building is set to be complete by the end of 2014 and will include 50,000 sq ft of offices and 10,000 sq ft of retail. 4,000 people will work at the site, the majority of whom will be Londoners.
The Mayor visited the site of the new building and met Philippe Zivkovic, Executive Chairman of BNP Paribas Real Estate and over 80 of the company’s international clients.
Mayor of London, Boris Johnson said: “London is the world’s greatest city in which to do business and it is wonderful news that BNP Paribas, an internationally renowned company, is investing here in a rejuvenated Kings Cross and tapping into the huge amount of real estate in the capital that is ripe for development. The UK economy is now on an upwards curve and London is leading the way, attracting record levels of overseas investment such as this which is in turn helping to drive job creation.”
Philippe Zivkovic, Executive Chairman of BNP Paribas Real Estate said:“6 Pancras Square represents BNP Paribas Real Estate’s first property development operation in London, a vital market for commercial real estate. The United Kingdom represents 15% of our turnover and we have major ambitions in the country.”
Google recently announced plans to move into the complex and the Central Saint Martins College of Art and Design moved into renovated railway buildings to the north of the station in 2011.
Notes to editors
BNP Paribas Real Estate is part of the BNP Paribas bank and financial services company. About BNP Paribas Real Estate UK : BNP Paribas Real Estate UK, with more than 600 employees intends to further expand its advisory (transaction, valuation and consulting), property development, property management and investment management business lines. Some key figures for 2013: total investments of €1.2bn, four million square metres under management, €24bn in valued assets and more than 2.5 million sq. ft marketed.
The Mayor’s London Plan identifies King’s Cross as a key Central London Opportunity Area with 53 hectares, which includes strategic growth targets for 25,000 new jobs and 1,900 new homes.
The investment into the station’s redevelopment has been a catalyst for more than £2.2bn of private investment. King’s Cross now functions as a European passenger gateway, including HS1 services to Paris, Brussels and Europe, Thameslink services to key airports and the South East and East Coast Mainline Services to the North and Suburban routes. The Mayor’s 2020 Vision seeks to transform the Kings Cross St Pancras – Euston location into the UK’s largest mega rail hub with the arrival of High Speed 2 in 2026 and a potential link to Crossrail 2 making this location the best connected place and interchange in Europe. This will connect all three key London terminals with HS1 with major connections to the North, Birmingham, Paris and the rest of Europe.