There’s a buzz in the air around Old Street just down the road from The Islington Company. A Google buzz. The internet giant has taken a lease on a 7 storey property in Old Street, to “provide a range of activities, such as speakers’ series, hackathons, training workshops and product demonstrations”.

Old Street is an area which hosts many properties let by The Islington Company. It is also fast becoming the destination of choice for the UK’s hi-tech companies, leading many to dub the area “Silicon Roundabout”, a reference to Silicon Valley, California, where many of the world’s top technology companies are based.

Google already has a presence in Old Street, via the Tech Hub project. Based near Silicon Roundabout, the Tech Hub offers support to new businesses, ranging from support and advice to affordable commercial property in Old Street. Notable companies operating in the area include last.fm, bought by broadcasting giant CBS last year in a £140m deal. Around 300 companies in the technology sector are reportedly operating in the Old Street area, many of them start-ups.

Prime Minister David Cameron is already on record as saying he wants more to take up property in Old Street, to make it “one of the world’s great technology centres.” Telecom companies are busy installing superfast broadband cables to cope with the expected influx of enterprise.

Old Street has been a magnet for creative industries in recent years, and residential property in Old Street is already in high demand. Google’s move and the continued growth of Silicon Roundabout will ensure this remains the case. The building is expected to open in 2012.