( CNN ) -- It was once a potent symbol of Britain 's industrial revolution . With its myriad mills , factories , train lines and canals , the area surrounding King 's Cross railway station in London was a hive of production -- if smoggy and bleak . Today , this centrally located district is drawing in cutting-edge businesses big and small . `` It 's a really vibrant area , '' explained local barista , Louis Gill . `` It 's got Central Saint Martins ( college ) , all the art students , the fashion students , interesting businesses , Guardian Media , and there 's a tech industry flourishing here as well . '' See also : London 's insane luxury basements . What Gill describes is the first stages of one of the large ` st regeneration projects in the UK . When finished , 2,000 new apartments and 23 new office buildings will stretch across 650,000 square meters ( 6.9 million square feet ) of land to the north of central London . All in all , the ambitious project is set to cost an estimated $ 33 billion . `` We really wanted King 's Cross to be a mixed-use project with lots of offices , homes , retail , a proper destination with lots of different characters across the site and very much making the most of the fantastic heritage we have here , '' said Robert Evans of Argent Developers , the company charged with bringing the project to life . Google has chosen this site to be its UK headquarters , BNP Paribas has reserved a substantial office space while the Grand Northern Hotel , which has stood as an icon of Kings Cross since 1854 , has had a makeover . A nearby Victorian grain store has also been refitted to host one of London 's most prestigious art schools . `` When we were talking to Google about why choose King 's Cross ( and ) what is it that makes it so attractive , of course they talked about the transport , ability to do a building of one million square feet in one place , but it 's also the tone of the place , '' said Evans . `` They said to us what you 've managed to create here is something professional , not corporate . '' `` With lots of different characters across the site ( we are ) very much making the most of the fantastic heritage we have here , '' Evans added . A new power source . This integrated mix of commercial and residential real estate development is impressive in its sweeping scale and ambition , but its not the only mega-project transforming a previously industrial area of the city . Battersea Power Station in southwest London opened in the 1930s and at its peak generated one fifth of the British capital 's power . See also : Where are the world 's most expensive luxury homes ? After it closed in 1983 , however , it was widely considered an eyesore . Plans to revamp the site never came to fruition -- until now . Work has begun on a project that will see 3,000 new homes , 120,000 square meters ( 1.29 million sq ft ) of retail space and 160,000 ( 1.72 million sq ft ) square meters of offices built . Two new underground stations will connect the area to central London . `` This is a big project ... a challenging project , '' said CEO of Battersea Power Station , Robert Tincknell . `` The equity that is necessary is very large , our shareholders have pledged up to Â£1 billion ( $ 1.63 billion ) worth of equity . '' `` Having that weight of support and financial backing behind this project has been the key to getting it over the line , '' he added . Securing funds of this size in today 's market means sourcing money not just from London and the UK but from investors around the world as well . The Battersea development has been paid for by a consortium of funds that are partly owned by the Malaysian government . According to Stephen Miles-Brown , head of residential at property consultancy , Knight Frank , these investment trends reflect the nature of many major international projects today . `` Emerging economies like China , Malaysia , India , Indonesia , tend to see opportunities , tend to be braver , than the indigenous population . '' `` Often , they come and they see there 's central London , there 's King 's Cross , there 's Elephant and Castle , there Stratford and they look in terms of their own cities . ( They ask ) it 's central London , why is n't everyone redeveloping this ? '' `` ( They are ) coming over here with large checkbooks , huge ambitions , and a great deal of skill . '' See also : Meet the micro-homes offering big solutions . So far , both King 's Cross and Battersea developments look like smart money for those who have stumped up the cash . Early interest from commercial and residential buyers has been high . Of the 900 apartments in phase one of the Battersea project , only seven remain unsold . As both projects continue and more property reaches the market , developers will hope this demand remains . With real-estate prices currently soaring and office space at a premium it seems the lure of London is feeding the furnaces , not of the industrial mills and power stations of days gone by , but of its burgeoning property sector .
Old industrial sites in London are being redeveloped to host new office and residential space . Giant projects are underway at King 's Cross and Battersea Power Station . Much of the funds for the projects have been provided by foreign investors .