The City of London Corporation has completed the sale of its police headquarters to Hong Kong-based Magnificent Hotel Investments.
The developer has purchased Wood Street Police Station, at 37 Wood Street, EC2, on a 151-year lease. It will turn it into a boutique five-star hotel, subject to planning permission.
The Grade-II listed building was placed under offer last year for more than £40m. EG previously revealed that the sellers had put the property up for sale via Cushman & Wakefield.
Policing teams are expected to occupy the station until around December this year, to allow time to decommission the building. In the short term, they will relocate to Bishopgate.
The City of London Corporation is planning develop a new flagship with a combined courts facility and headquarters, on Fleet Street.
Wood Street is the second station to be sold this year, after the Snow Hill station was sold with the intention for redevelopment as a new hub by Premier Inn hotel.
Both sales are expected to boost overnight accommodation in the Square Mile, which supports the City Corporation’s draft City Plan 2036.
Sir Michael Snyder, chairman of the City of London Corporation’s capital buildings committee, said: “The sale of Wood Street offers the opportunity to help meet growing demand for overnight accommodation in the Square Mile, while at the same time taking forward our plans to create a new headquarters for the police to ensure they continue to deliver a first-class service.
“As we work towards realising our vision of the City as a 24/7 destination, it is estimated more than 4,000 hotel rooms will be required to meet demand from workers, tourists and residents.”
Ian Dyson, commissioner of the City of London Police, said: “The police station at Wood Street has not been well used by the public and it requires modernisation.
“We will be relocating our policing teams to our Bishopsgate police station over the course of the next year, ahead of moving into our purpose-built, state-of-the-art headquarters near Fleet Street, later in the decade.”
Knight Frank and DLA Piper advised Magnificent Hotels.
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