News Scotland Yard, the central London home of the Metropolitan Police, has been sold to a group of Abu Dhabi investors for £120m more than the building’s guide price.
The Abu Dhabi Financial Group has been revealed as the buyer of the 1.7 acre, 600,000 sq ft site in Victoria, paying £370m after what was described as an “extremely competitive bidding process”.
The sale of the 1960s office block, which went on the market with an asking price of £250m in September, is a “landmark deal” according to the Mayor’s office, which is behind the sell-off.
Deputy mayor for policing and crime Stephen Greenhalgh described the deal as “a win for everyone” saying: “Police officers get the investment in technology they need, Londoners get the modern, efficient police service they deserve, and the public purse gets a £100m windfall from stamp duty, helping to fund our schools and hospitals.”
The sale hadn’t been expected until next year, but 10 Broadway, as the property was marketed, comes with potential for a 690,000 sq ft residential-led development that could be worth £1bn upon completion, attracting a flurry of attention.
London Mayor Boris Johnson said of the deal: “The sale of this under-used and outdated building means we can now not only protect that rich heritage, but also fund the new HQ and kit out bobbies with the latest mobile technology to secure the future of the force. This landmark deal allows us to preserve the past whilst giving today's Met a vital cash boost so our officers can go on keeping London safe.”
The sale is part of an overhaul of the Met's portfolio of properties by the Mayor’s office. City Hall 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, excluding New Scotland Yard.
The Met will move to a new headquarters at the Curtis Green Building on Victoria Embankment, a move that’s expected to save £6m a year, or the equivalent of 130 bobbies on the beat.
The Abu Dhabi Financial Group is also redeveloping 1 Palace Street near Buckingham Palace. Its latest purchase comes amid a flurry of property investments in the capital from the Middle East and Asia.