University College London to buy valuable office space from Camden Council to fund King's Cross headquarters
PUBLISHED: 11:00 08 February 2014
A university is to buy valuable office space from Camden Council as part of a project to fund its new headquarters, which will house two swimming pools and a library.
The council will sell Bidborough House in Bidborough Street, King’s Cross, to University College London (UCL) after those working in the offices join all council staff in moving to new headquarters at the King’s Cross Central development in St Pancras Square in the summer.
UCL will use the space to move administrative staff from its main site in Bloomsbury to free up teaching rooms.
The sell-off is to help fund the construction of the council’s new headquarters at 5 St Pancras Square, which will include two swimming pools, fitness studios, a public library and a customer services centre.
It is the first building to be sold of eight council-owned properties earmarked for sale, which include 156 West End Lane, known as the Travis Perkins building and the Town Hall Extension in St Pancras.
A preferred bidder for the Town Hall Extension was named this week as developers Crosstree Real Estate.
The council will also end leases on three other properties as part of its accommodation strategy, to ensure that the taxpayer does not pay for the construction of its headquarters.
Cabinet member for finance Cllr Theo Blackwell said: “By reducing the amount of floor space the council requires and disposing of old and inefficient buildings, we can raise funds to ensure that our new community facilities and office space are provided at no additional cost to the taxpayer.”