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Google’s charge on the Capital continued last week as their attentions turned to the town hall in Camden. Google, paired with Argent have lined up an initial bid for the 100,000 sq ft town hall and council offices, which sits opposite St. Pancras station. Google and Argent are already working in partnership as they continue to build Google’s new 1.2 million square foot headquarters in the heart of Kings Cross, which sits in the middle of the Argent redevelopment scheme.
The town hall received around 50 bids with a further 50 bids for the 50,000 square foot council occupied Bidborough House and the 1.8 acre Travis Perkins let site on West End Lane, NW6. The combined three sites are expected to go for close to £100 million with a potential redevelopment value of more than £500 million, highlighting why there have been so many initial bids for the three sites.
Alex Goode from Morgan Pryce believes ‘ this latest acquisition opportunity again highlights the success that Kings Cross is having right now with everybody wanting a piece of the action. With more than 2.3 million square feet in the development pipeline for Kings Cross over the next 3 years compared to a 10 year average of only 100,000 sq ft pa you can understand exactly why there has been so much interest in these new sites.’
However it is not just Google looking to acquire the three new sites, with 50 initial bids made for them the note rest from every sector has been extraordinarily high. Retailers, house builders, hoteliers and office builders as well as many international investors have seen the same potential that Google have seen with the site.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.