Czech developer CPI Property has bought the historic police station on Savile Row from the Metropolitan Police, in a deal understood to be worth more than £50m.
The seven-storey West End Central Police Station at 27 Savile Row, W1, opened in 1940, and was then considered one of the most modern police stations in the world. However, it was recently decommissioned and will be vacant on possession.
CPI will redevelop the block, but it is yet to decide whether to convert the 60,000 sq ft space into offices, housing or a mixed-use scheme. The eventual project is likely to have a development value of up to £200m.
The investor will add the central London asset to its UK portfolio, which is valued at more than £200m and also includes residential assets in Hampstead, St John’s Wood, Mayfair and Notting Hill. Its broader European portfolio is valued at more than €10bn (£8.5bn).
David Greenbaum, chief financial officer of CPI, said the police station was “an iconic asset in London’s Mayfair that offers superb long-term value”.
Michael Elliott advised CPI on the deal.
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