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King’s Cross, over the past 20 years or so, has never had the best reputation, tarnished by the image of the seedier side of London life. However, last week Google submitted its initial plans for its 1m square foot scheme on the 67-acre Argent-led redevelopment site, which will provide 725,000 square feet of office space. Google has selected this site for a number of reasons, mainly due to its being a “blank canvas to work with” in addition to the fantastic transport links around London, England and through to Europe as well.
Google has been the main draw, almost an anchor tenant, of the King’s Cross development, which includes plans to create office, retail and residential space – a new hub in London. The development will take place in phases by way of 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 King’s Cross are France’s banking giant BNP Paribas, who in December 2010 acquired 398,000 square feet to develop its own building on the doorstep of St Pancras International station. It is predicted that on completion in 2014, 50% of the site will be let.
Alex Goode of Morgan Pryce believes, “due to the high-profile tenants that King’s Cross has already managed to secure, the office space could demand rents upwards of £50 per square foot, thus starting to compete with rents in the West End”.
Tom Lax, also of Morgan Pryce, believes that the site’s 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.