Out-Law News | 10 Dec 2014 | 4:31 pm | 1 min. read
New Scotland Yard, the headquarters of the Metropolitan Police since 1967, was put up for sale by the Mayor's Office for Policing and Crime (MOPAC) in September, with an asking price of £250 million. Investment firm Abu Dhabi Financial Group (ADFG) confirmed in a statement this week that it had acquired the 1.7 acre site for a price of £370m.
The statement said that the site would be "redeveloped into a world class multi-use development". ADFG chief executive officer Jassim Alseddiqi said: "The New Scotland Yard site will be one of the most important development projects undertaken in central London this decade, replacing a world famous headquarters with a world class development. With the bid process complete, we look forward to creating an exceptional new landmark for London."
In a separate statement, Metropolitan Police Service Property Services director Jane Bond said: “The sale of 10 Broadway is the most significant step in the delivery of the MOPAC / Metropolitan Police Service estate strategy, releasing substantial capital to reinvest in policing London. We have already raised £215m though the sale of 52 buildings, creating a smaller, more efficient and modern estate which allows us to focus resources on frontline policing.”
ADFG is also overseeing the proposed redevelopment of the former offices of the UK government's Department For International Development at 1 Palace Street in Westminster. The investment firm submitted an application to Westminster Council in August for the partial demolition and refurbishment of the buildings to provide 72 luxury apartments, a restaurant and health and fitness facilities.