I don't know what the hell it is, but it's bright yellow, and it's sitting in the middle of the Kings Cross development area just up from the St Pancras Eurostar Terminal:
I assume that, rather than a new art installation, it has a technical function to do with pumping something at high pressure somewhere else – but who knows. The derelict warehouses behind are just the other side of the Regent's Canal, and are due to be demolished. They'll be replaced by something which you can be certain is going to be prestigious, and I think, if I read the site map correctly, will be part of Granary Square - "one of the largest urban spaces of its type in Europe". This gallery may give you some idea.
There's a display downstairs at the German Gymnasium with models and plans and the like showing what the whole area is going to look like eventually. I was there to see the Vivian Maier exhibition upstairs, part of the London Street Photography Festival which I mentioned last week. Thoroughly recommended. Plus you can see the winner and finalists of the International Awards as part of the ticket price (£3:50).

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