Abu Dhabi Financial Group buys New Scotland Yard for $579 million
A London icon sold to the UAE
The Abu Dhabi investment company paid over the asking price for the iconic London location, which is being marketed as 'Ten Broadway', and plans to transform the 1960s building into a luxury accomodation tower overlooking Westminster Abbey.
The Mayor of London, Boris Johnson, who signed the deal on Tuesday, revealed that he would dedicate the hundreds of millions of pounds from the sale into modernising frontline policing.
In an official statement the Mayor said: “The sale of this under-used and outdated building means we can now not only protect that rich heritage, but also fund the new HQ and kit out bobbies with the latest mobile technology to secure the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 whilst giving today's Met a vital cash boost so our officers can go on keeping London safe.”
CEO of Abu Dhabi Financial Group, Jassim Alseddiqi added: “Ten Broadway will be one of the most important redevelopment projects undertaken in Central London this decade, replacing a world famous headquarters with a world class development. With the bid process now complete, we look forward to creating an exceptional new landmark for London.”
The money from the Abu Dhabi Financial Group (ADFG) sale will kickstart a project to secure the future of the Met Police, and the proceeds will go to providing police officers throughout London with mobile technology – such as smartphones, tablets and body cameras.
The 600,000 square foot, 1.7-acre site attracted interest from buyers from all over the world, drawing in 11 credible bids before ADFG ultimately walked away with the London icon. The company has a track record of financing central London developments – such as the 1 Palace Street project.
The New Scotland Yard has served as the headquarters of the Met Police since 1967 and was placed on the market by the Mayor's Office for Policing and Crime (MOPAC) back in September, with a guide price of £250 million.
Yesterday's sale marks just one of a series of overhauls of the Met estate, which has cashed in £215 million through the sale of 52 buildings so far.
The Met Police will now relocate to the Curtis Green building on Victoria Embankment.