Home Commercial Property Biggest property deal since Brexit completes

Biggest property deal since Brexit completes

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2nd Nov 16 11:01 am

Here’s what you need to know about it

The biggest property deal since Brexit, with the official transferral of the former New Scotland Yard headquarters to its new owners, BL
Development Limited, an investment vehicle controlled by Abu Dhabi Financial Group (ADFG), a leading investment firm headquartered in Abu Dhabi, UAE.

BL Development Limited has appointed Northacre, London’s leading property development company to undertake the construction and development of the new scheme, which will be named ‘The Broadway’.

ADFG acquired New Scotland Yard from the Mayor’s Office for Policing and Crime (MOPAC)in December 2014 for £370m. Planning permission was granted on 27th April 2016 and as development manager, Northacre is set to create a dynamic new commercial and residential destination in the heart of Westminster, appointing the planning consultants Bilfinger GVA, and internationally regarded architects Squire & Partners to realise the scheme.

Set to complete in 2021, The Broadway will be a vibrant new quarter, providing 485,000 sq ft of state-of-the-art residential space, 146,000 sq ft of commercial space and 37,500 sq ft of retail. The Broadway’s six architecturally striking buildings set over two podiums will provide a generous 20,000 sq ft public realm linking Victoria Street with Broadway Street to the North.

AJassim Alseddiqi, CEO of ADFG said: “The acquisition of New Scotland Yard and our plans for The Broadway represent ADFG’s continued commitment to investing in unique developments in London. The Broadway represents the future of urban living, a thriving destination to live, work and play in a world class address surrounded by unparalleled views of London’s most famous landmarks.”

Assistant Commissioner of Metropolitan Police Helen King said: “The Metropolitan Police Service is focused on providing a more modern, efficient and costeffective estate, ensuring we remain at the forefront of 21st century policing and get more officers out on the streets, cutting crime and providing total care for Londoners.”

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