The development of 67 acres of railway yards, historic warehouses, gas holders, canals and brownfield land was likened to “steering an oil tanker” at the King’s Cross case study event in Birmingham recently. Richard Meier of Argent led a whistle-stop tour through the last twenty years of planning and development of this iconic London communications hub, highlighting the changes in the world since the project began. A time when John Major was Prime Minister and smart phones were a dream.

With 8m sq ft of mixed use space from historic “gritty” buildings to modern district heating systems it was impressive to learn of the flexibility and determination that has led to the project’s success and even award of a brand new post code N1C. It was clear that the journey the site, local community, staff and supporters had undertaken was at times a leap of faith and good fortune. An example being the London Olympics which gave Government much needed impetus to the improvement of transport infrastructure such as the new King’s Cross ticket hall.

Issues that could have de-railed the project such as planning, land ownership, public space, funding and estates management were overcome through an adaptive  partnership approach. A result of this being awards from the BCO and the creation of a dedicated team within Camden’s planning department.

The partnership approach was highlighted by Andrew McDonald from Barclays who outlined the funding challenges associated with such a large scheme. In addressing these challenges there was a need to appreciate the site’s interdependent nature; key to this being the securing of Central St Martins – University of the Arts in the former granary building.

With an outline of the current real estate banking market Andrew was able to explain what partnership meant to Barclays and how Argent’s method of engagement gave the bank confidence to invest in infrastructure in 2010 (a non income producing asset) and then successively in 2012 and 2015 on more traditional models.

A lively round table discussion, chaired by Adrian Bland of Shakespeare Martineau, followed on topics such as public / private interaction, contractors / supply chain, loan security and public realm / landscape issues. It’s clear that the journey to develop this site continues with innovation and public private partnership being central. This ULI case study is set to remain iconic and despite the creation of an outdoor swimming lake on site there is no sign here that investors are set for an early bath!

Author: Alistair Reason, Reason Consulting