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|21st January 2013, 07:47||#1|
Join Date: May 2010
Google sets up shop in Kings Cross
Search Engine Google is moving its new operation to London where it can be close to train links to Scotland.
Property developers have revealed that Google is developing a new UK headquarters which could be worth as much as £1 billion pounds when finished.
The area was the fabled site for a battle between the Romans and the Iceni and is supposed to be the place where Boudicca is buried. Since then it has gone downhill and is now a little more famous for its prostitution and drug abuse.
As a result of some sterling work put in by Kings Cross Central development, which is one of London's biggest regeneration schemes, the area has taken off a bit.
Google has purchased a 2.4 acre site where it will build a million square foot office. It is not clear how much Google paid for the site. Rumours are that Google wrote a cheque for £650 million pounds to buy and develop the site. The office building will be worth up to a billion pounds when it is finished in 2016, a second source said.
Google's Vice President for Northern and Central Europe, Matt Brittin, said in a statement that this represented a big investment by Google.
When the building is finished Google will move from its current offices in the UK capital's Victoria and Holborn districts. Construction on the site will start in late 2013 and the building will range in height from seven to 11 storeys.
Other than the Hogwarts Express, Google's new neighbour's will include the real estate arm of French bank BNP Paribas, as well as a cultural and education centre managed by the Aga Khan, spiritual leader of Ismaili Muslims.
Tax campaigner and accountant Richard Murphy told Reuters that the decision to buy property rather than rent was likely "tax motivated" and driven by the fact the company cannot repatriate the cash to the US without paying a fat tax bill.
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