The Metropolitan Police is to sell off New Scotland Yard, SW1, and move to the Curtis Green building on Embankment.
The 60s office block is a prime residential conversion opportunity and agents in the area predict it could raise as much as £150m.
Curtis Green was due to be sold to Welbeck Land for £30m earlier this year, however the sale collapsed amid security fears.
The move comes as part of a £500m cost cutting plan designed to plug a black hole in the force’s budget.
The building will be sold through retained adviser Knight Frank, which is also marketing stations including Finchley Traffic Garage, Sidcup Police Station, DA15, Kingsbury, NW9, and the old police station at East Dulwich, SE22.
London mayor Boris Johnson has now agreed to sell off a further 12 stations next year, in locations including in Barking, Willesden Green, Orpington, South Norwood, Ealing, Southgate, Wealdstone, East Ham, Highbury Vale, Richmond, Rotherhithe, and Lavender Hill.
The Metropolitan Police Authority bought New Scotland Yard from Land Securities in 2008 for around £120m.
DE&J Levy investment and development partner Jonathan Martyr said: “It will be interesting to see how this building is offered by the Met Police, as the original lease was set to run until 2064 with tenant breaks in 2023, 2028 and 2049. They are of course their own landlord and can therefore offer flexible terms to the market, including short-term vacant possession.
“Being 1.76 acres of prime Victoria, the site had enormous potential for a mixed-use retail, office and residential scheme, though the lot size will clearly limit the number of bidders.
“If they wish to stay in occupation for a meaningful term, then the overseas market will be attracted to the lot size, tenant strength and development potential and will be able to generate exciting IRRs with the development capable of coming on line post phase two of Victoria Circle.”
jack.sidders@estatesgazette.com
