The Metropolitan Police’s iconic New Scotland Yard headquarters, SW1, has sold for a massive £370m to Abu Dhabi Financial Group.
ADFG, which will likely team with luxury residential developer Northacre, paid £120m above the guide price and three times more than what was originally paid for the freehold site in 2008.
Marketed as Ten Broadway, the 600,000 sq ft building, on a 1.7-acre site, attracted 11 credible bids, with offers also coming from the Far East and North America.
Vacant possession for the buyer would come in 2016, when the Met’s operational HQ will move to the Curtis Green building on Victoria Embankment.
Indicative redevelopment proposals for the site include 430 homes, plus 98,000 sq ft of offices and shops. But new plans that include alternative uses, such as a hotel, could be drawn up by a new owner.
London mayor Boris Johnson said: “The sale of this under-used and outdated building means we can now not only protect that rich heritage, but also fund the new HQ and kit out bobbies with the latest mobile technology to secure the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 while giving today’s Met a vital cash boost so our officers can go on keeping London safe.”
Deputy mayor for policing and crime Stephen Greenhalgh added: “This deal shows that we were right to put bobbies before buildings. Londoners get the modern, efficient police service they deserve, and the public purse gets a huge windfall from stamp duty, helping to fund our schools and hospitals.”
The building was formally put up for sale in September via JLL, after being touted in Asia from July ahead of the UK launch date.
Jassim Alseddiqi, chief executive of Abu Dhabi Financial Group, said: “Ten Broadway will be one of the most important redevelopment projects undertaken in Central London this decade.”
