Google close to £550m King's Cross deal
Google is close to completing a deal worth more than £550m to build a new UK headquarters at King’s Cross.
The investment from the American technology giant will represent a major vote of confidence in Britain and boost the Coalition’s attempts to grow the country’s technology, media and telecommunications industries. The Sunday Telegraph revealed last year that Google was in talks about opening a 700,000 sq ft site at King’s Cross, north London, as its new UK base. Google now plans to buy the site at the King’s Cross Central development through a 999-year lease for more than £550m and is hoping to secure a deal before the US Thanksgiving holiday on November 22, Property Week reports. The deal will be one of the largest ever occupational and investment agreements in the UK. The Google site at King’s Cross is known as Block A. After acquiring the site, Google is likely to appoint property group Argent to develop the offices and move in around 2015. At present, Google is based in two London offices in Victoria and Soho, but wants to expand. The King’s Cross development is one of the biggest regeneration projects in London. It includes 8m sq ft offices, shops, homes and a new base for Central Saint Martins College of Art and Design, part of the University of the Arts London. BNP Paribas is already building a new UK base at the site, while J Sainsbury has also been linked with a deal. King’s Cross is owned by Argent, fund manager Hermes, DHL, and London & Continental Railways, from whom Google will acquire the Block A site. It also emerged that Google has agreed a settlement with the Association of American Publishers over its plans to make books available online. The agreement allows US publishers to choose whether to participate in Google’s project.
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