Originally located where the expand St Pancras station is, this listed structure was in the way of the Eurostar project moving into St Pancras
Even a listed building would have to go as the project had such national importance but rather than demolish it, it was sliced into horizontal sections and moved to be rebuilt on the side of the regents canal where it is now the club house of the "Cruising Club".... which is something to do with boats apparently!
You can see the joins if you look closely and the bottom section was a new base.
http://www.canalmuseum.org.uk/whatson/water-tower.htm for more information and images of the move