New Scotland Yard, the home of the Metropolitan Police, has been sold for over £250m in a deal that could see the site turned into a £1bn residential scheme.
The 1.7-acre site in Victoria is thought to have been sold to Northacre, the listed-developer behind the luxury flats near Hyde Park known as The Lancasters and backed by Middle East private equity firm, Abu Dhabi Capital Management.
Details of the deal, including the purchase price and the buyer, will be revealed next month once contracts have been exchanged, the Mayor’s Office for Policing and Crime (Mopac) said on Friday.
The 1960s office block has been home to the Met since 1967. It is being sold as part of a strategy by City Hall to sell down one-third of the Met’s estate and raise £500m in savings over the next two years.
The force will relocate to the Curtis Green building on the Embankment from 2016.