Home Commercial Property New Scotland Yard sold for £370m (a mere £120m ABOVE the asking price)

New Scotland Yard sold for £370m (a mere £120m ABOVE the asking price)

by Sponsored Content
9th Dec 14 4:21 pm

The Abu Dhabi Financial Group has bought New Scotland Yard for a massive £120m above the original asking price of £250m, it has been announced.

The rather opposing glass tower on Victoria St has been sold in favour of the Met downsizing to a new smaller headquarters down the road to the Curtis Green building on Victoria Embankment. The famous revolving sign will also move to the new location.

The building – which has been home to the London Met since 1967 – will raise much needed funds for the police force and is one of 52 buildings sold in recent years.

Commenting on the sale, Met Commissioner, Sir Bernard Hogan-Howe said: “Police funding continues to be under extreme pressure. We now expect to need to make savings of up to £1.4bn by the end of the next spending review, including some £600m which we will have delivered by 2015/16. This is equivalent to a third of the Met’s original budget so this money is absolutely vital to us.

“It will allow us to reinvest in our remaining estate and in the technology needed to support our officers as they fight crime and support victims. It is only with this kind of intelligent investment that we will be able to do more with less.”

Boris Johnson praised the deal, saying: “The Met Police has a unique place in history and they need a home fit for the future, but police budgets are under real pressure.

“The sale of this under-used and outdated building means we can now not only protect that rich heritage, but also fund the new HQ and kit out bobbies with the latest mobile technology to secure the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 whilst giving today’s Met a vital cash boost so our officers can go on keeping London safe.”

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