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Kings cross for the past 20 years or so has never had the best reputation, tarnished by the popularity of prostitutes and drug users. However, last week Google submitted their initial plans for their 1 million square foot scheme on the 67-acre Argent led redevelopment scheme, which will provide 725,000 square feet of office space. Google have selected this site for a number of reasons; mainly due to the ‘blank canvas to work with’ it offers and the fantastic transport links around London, England and through to Europe as well.
Google have been the main draw, almost anchor tenant for the larger development-taking place in Kings Cross, which plans to develop a 67-acre site into office, retail and residential space and create a new hub in London. The development will take place in phases by a joint venture between London & continental railways, DHL Supply Chain and Argent, in conjunction with Hermes Fund Managers.
Other large tenants to have already secured space at Kings Cross are Frances banking giant BNP Paribas, who in December 2010 acquired 398,000 square feet to develop their own building on the doorstep of St Pancras International station. On completion in 2014, 50% of the site is predicted to being let. Alex Goode from Morgan Pryce believes ‘due to the high profile tenants Kings Cross has already managed to secure the office space could demand rents upwards of £50 per square feet, starting to compete with rents in the West End.’ Tom Lax from Morgan Pryce also believes that the sites main driver and attraction will be the fantastic transport links it has to offer, allowing potential tenants to access London, England and Europe with relative ease.
Morgan Pryce is 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.