Tyrolese, a private client of Farmer Capital and James Andrews International, has bought the Metropolitan Police offices next to Pimlico station.
The Hertfordshire-registered company, which is backed by high-net-worth private investors, outbid the Crown Estate to buy 1 Drummond Gate, SW1.
Tyrolese (773) paid £72.5m for the 108,000 sq ft block, which occupies a one-acre site.
Vendor Santona originally instructed Knight Frank to find a buyer for the property in January, with a £60m price tag mooted.
The building is let to the Metropolitan Police until October 2018 at a rent of £4m pa.
It was marketed as a potential residential conversion opportunity, however any redevelopment would require the consent of the Crown, which owns the freehold of the building.
The Crown also owns 2 Bessborough Street next door, which also becomes vacant in 2018.
Robin Partington & Partners has drawn up options for a 202,533 sq ft luxury residential redevelopment of Drummond Gate.
JLL began marketing the Metropolitan Police’s Westminster headquarters at New Scotland Yard, SW1, this week. It is also being offered as a residential development opportunity with a £250m price tag.
joanna.bourke@estatesgazette.com
