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September 11, 2014

In a landmark sale, the current headquarters of the Metropolitan Police, is on the market for GBP250 million

The UK’s most famous police station has been put on the market, by London Mayor, Boris Johnson. Currently known as New Scotland Yard, the iconic building will be marketed by JLL as Ten Broadway with a guide price of GDP250 million. All proceeds from the sale will be invested in frontline policing in the capital.

The 1960s, 22 storey office block, which has been home to the Metropolitan Police since 1967, offers perspective buyers the potential for a 600,000 sq ft prime residential-led development in a part of London experiencing an exciting transformation.

Located near Victoria station and just a short walk from London landmark’s Buckingham Palace and the House of Parliament, Simon Hodson, Head of Residential Land at JLL UK believes the new owners are unlikely to retain the historic building as the site, instead taking the opportunity to redevelop the site for commercial or residential use. ‘It would be demolished, almost certainly,’ he said.

And, there has already been significant international and British interest in the site, according to JLL.

Charles Pinchbeck, Director West End Investment at JELL UK said “Central London is continuing to attract demand from investors around the world. Ten Broadway has tremendous residential and commercial potential and represents an exceptional opportunity for one of the world’s leading developers to deliver a world class scheme and as such is bound to attract strong levels of interest.”

“London remains the market of choice in Europe for Asian investors, particularly Chinese developers,” said Alistair Meadows, Head of JLL’s International Capital Group in Asia which will be looking to market the property to perspective buyers in the region.

“Ten Broadway offers a unique opportunity to acquire one of the most strategically located and iconic sites in Central London. With a freehold tenure and exceptional potential for mixed use development, we expect it will attract a cross section of Asian interest. ”

The force will stay in the Victoria area but relocate to a smaller HQ in the Curtis Green building and, in doing so, expects to reduce its annual running costs by £60m once the move is fully completed in two years’ time.

“This is a hugely expensive building to run and operate,” said Craig Mackey, Deputy Commissioner of the Metropolitan Police Service. “If we were to stay in these premises we would have to spend about 50 million pounds on it.”

The money saved in reduced running costs is set to be invested in frontline policing such as body-worn cameras and technology that allows officers to file reports remotely.

JLL believes the sale will be completed before Christmas and could fetch more than GBP300 million

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