The Government has announced it is selling its 36.5% stake in a 67 acre redevelopment site around King's Cross Central in London.

The decision to sell the government's investment in King's Cross Central Limited Partnership (KCCLP) was announced by the Chancellor in June.

The sale of the government's state will be a multi-million pound deal with all proceeds returning to the Treasury.

The 67 acre King's Cross estate is being developed into eight million sq ft of mixed use space, consisting of offices, apartments, retail space, educational establishments and leisure areas across 50 new and refurbished buildings.

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In addition, 26 acres of public realm will be developed, including ten new parks and squares, 20 new streets and three new bridges across the Regent's Canal.

Transport Minister Robert Goodwill said: "By selling the government's shares in King's Cross Central we are selling an asset we no longer need to keep and realising its value for the taxpayer. The sale will help reduce the deficit and by doing so deliver lasting economic security for working people."

Lazard has been appointed as financial adviser to conduct the sale process, supported by Savills as real estate advisers.

(LM)