New Scotland Yard has been put up for sale with a price tag of £250m in the biggest shake up of the Metropolitan Police’s estate in more than 50 years.
The 1960s office block in Victoria is being sold by the Mayor’s Office for Policing and Crime (MOPAC) as part of a strategy to sell down one third of the Met’s estate and raise more than £500m in cost savings over the next two years.
It has already raised £125m through the sale of 32 premises in London, with a further £125m of properties expected to be sold off this financial year. This excludes the sale of New Scotland Yard, which is not expected to complete until 2015-16.
The force is set to relocate to the smaller Curtis Green building on the Victoria Embankment in the first quarter of 2016, in a move that will save around £6m a year in running costs.
The 1.7-acre New Scotland Yard site is being marketed as 10 Broadway with the potential for a 690,000 square feet residential-led development that could be worth around £1bn upon completion.