Scotland Yard HQ Sold to United Arab Emirates For £370 Million

Posted: December 19, 2014 in Econ 101, Free Trade, Society and Culture

SOURCE: http://www.middle-east-online.com/english/?id=69245

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London’s Police HQ sold to UAE

ADFG beat off 10 other bidders, paying £120 million more than guide price.

Dec 9, 2014

‘Replacing a world-famous headquarters with a world-class development’

LONDON – New Scotland Yard, the headquarters of London’s Metropolitan Police, has been sold to investors from the United Arab Emirates, London Mayor Boris Johnson announced Tuesday.

The central London site has been sold to the Abu Dhabi Financial Group investment company for £370 million ($580 million, 470 million euros).

ADFG beat off 10 other bidders, paying £120 million more than the guide price. The total sum is three times what was originally paid for the freehold in 2008.

The money from the sale of the 1.7-acre (0.7-hectare) site will be used to provide police officers with tablets, smartphones and body cameras.

A small amount will also be used to put the Met Police’s collection of rare crime artefacts on public display in a new museum.

Taking the name of its 10 Broadway address, the old site will become residential and probably also feature offices and a hotel, Johnson said.

The Met has been in the now out-dated concrete office block since 1967 and will move half a mile (800 metres) to the smaller Curtis Green building they own next to the River Thames.

It is undergoing a £58 million refit and the relocation will save the Met more than £6 million a year in running costs.

The famous New Scotland Yard revolving triangle sign, seen in news reports and photographs, will move to the new address, which will take on the Scotland Yard moniker.

Johnson said: “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“The sale of this under-used and outdated building means we can now not only protect that rich heritage, but also fund the new HQ and kit out ‘bobbies’ with the latest mobile technology.”

ADFG chief executive Jassim Alseddiqi said: “10 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.

“We look forward to creating an exceptional new landmark for London.”

Johnson said it made no difference that yet another chunk of central London had been bought up by foreign investors — and anyone who thought it did was “completely economically illiterate”.

The original Met headquarters had its public entrance on Great Scotland Yard and when it moved away in 1890, the name Scotland Yard was adopted for subsequent headquarters, and remained a metonym for the London police.

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