Google has begun construction on its future UK headquarters situated in King’s Cross, the firm has announced. The 2.4 acre site in central London will house a planned seven by eleven storey complex due for completion in 2016.
The Internet firm’s London staff will be relocated from their current offices in Victoria and Holborn when the new building is fit for purpose.
“This is a big investment by Google, we’re committing further to the UK, where computing and the web were invented. It’s good news for Google, for London and for the UK,” said Matt Brittin, Google’s vice president for Northern and Central Europe.
Google usually prefers to lease its overseas offices but has changed its policy to purchasing them outright as its accrued properties in Paris and Dublin over the past two years.
The switch in real estate policy is likely motivated by tax concerns as foreign generated revenue is subject to stringent regulations making the repatriation of funds a costly exercise. Google may instead be using the additional funds as regional-specific capital earmarked for reinvestment.