Google is looking to lease a seven-floor building in Shoreditch, known as London's "Tech City," providing space for developers and startups and adding a big-name boost to Prime Minister David Cameron's plans to create a global technology hub in East London.
"This is a pretty big deal. As the site 4-5 Bonhill Street, London, EC2A 4BX, is large: 25,392 square feet, at £19.50 per sq ft per annum," revealed the allsop advertisement. "The search giant has leased the building until 2022 and is expected to pay about £5 million ($7.8 million) over the 10 years in rent, according to an online brochure for the building."
Google said in a statement: "Finding a suitable building is the first major step. East London is already home to hundreds of innovative British startups, and has huge potential for economic growth and new jobs over the coming years."
It also plans to "open up the space to other organisations that support technology entrepreneurs, working together to provide a launchpad for new London-based start-ups and developers." That makes it the first initiative of its kind for Google anywhere in the world.
Locating among a range of startups, Google will be in a prime position to look at investing in new technology companies as they set up for business in Shoreditch. Venture capitalist Keith Arundale said: "If Google's eyeing up some acquisition targets, they're going to bring much-needed exit opportunities. Those are a weakness in Europe compared to the U.S."
The building will play host to training sessions aimed at increasing the number of applications built for Google's Android smartphone operating system.
Meanwhile, Google's building will host a range of activities, like events, hackathons, training workshops and product demonstrations for engineers. Obviously Google tech will feature heavily we guess.
So why this? 'Especially since Google UK's existing operations will remain in their current offices way out across town in West London."