Reuters reported yesterday that Google purchased a 2.4-acre lot at London’s King Cross Central development with plans to build its new United Kingdom headquarters. Reuters has since updated its story with confirmation from Google Vice President for Northern and Central Europe Matt Brittin. According to the report, citing several unnamed sources, Google is spending 650 million to 1 billion pounds and expects to finish development of the site by 2016. It will also move its current U.K. offices to the new site when construction—slated to begin in late 2013—is complete.

“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,” Google’s Vice President for Northern and Central Europe, Matt Brittin, said in a statement.

Google will move from its current offices in the UK capital’s Victoria and Holborn districts in 2016 when the building completes. Construction on the site will start in late 2013 and the building will range in height from 7 to 11 storeys.