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In an effort to modernise the Metropolitan Police, the freehold for ‘Ten Broadway’ otherwise known as New Scotland Yard was marketed by Jones Lang LaSalle; New Scotland Yard has been the headquarters of the Met Police for just under 50 years, sits on a 1.7 acre site and contains 600,000 sqft of office space. There was interest from across the globe with the underbidder’s thought to be BNP Paribas Real Estate, Peter Woo’s Wheelock (Chinese Billionaire), Mike Hussey’s Almacantar and Aqualand.
ADFG (Abu Dabi Finance Group) secured the deal with a bid of £370 million, £120 million over the asking price of £250 million. ADFG are planning on financing a new mixed use residential development costing many millions of dollars – similar to the development they financed at Northacre’s 1 Palace Street due to complete at the end of 2017.
The Met Police are relocating their headquarters to the Curtis Green on Victoria Embankment, a building owned by The Mayor’s Office for Policing and Crime which has remained empty since 2011. The Met have made over £200 million from the sale of approximately 52 under – used buildings; Andrew Ingram a surveyor at Morgan Pryce is pleased to see a government body managing their assets correctly, “most businesses main cost (and asset) is real estate, if it is managed correctly costs can be hugely reduced.” At Morgan Pryce we are sure this management of assets will improve the Met’s policing abilities by providing the officers with new 21st Century kit and helping keep London safe.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.