By Jonathan Davies

The government has started the process of selling its 36.5% stake in the redevelopment of King's Cross.

Selling the taxpayer's stake in King's Cross Central Partnership, the group managing the redevelopment of the 67 acre site, is expected to generate £360 million for the Treasury. The site, which is Europe's largest city-centre development, is likely to worth about £5 billion when complete.

The site around King's Cross train station is being transformed from quiet and dingy into a thriving area with offices, shops, homes, colleges and parks. The University of the Arts London has already moved in, and Google is expected to follow suit.

The sale is part of George Osborne's plan to raise £64 billion by 2020 through privatising government assets. The Office for Budget Responsibility (OBR) says the Chancellor is planning to raise £32bn in 2015 alone, with the remaining half coming over the next four years.

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 to the taxpayer. The sale will help reduce the deficit and by doing so deliver lasting economic security for working people.”