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Business

Abu Dhabi Firm Buys Historic New Scotland Yard Structure

Abu Dhabi Firm Buys Historic New Scotland Yard Structure
Image credit: Shutterstock
2 min read

You're reading Entrepreneur Middle East, an international franchise of Entrepreneur Media.

It has been on the market for months, but December saw the sale finally happen of New Scotland Yard, the headquarters of the London Metropolitan Police, to the Abu Dhabi Financial Group (ADFG) for a whopping US$580 million. (The New York Times) The landmark deal will see the 600,000-square foot property, which has been the storied home of the London police force for nearly half a century, be now converted into "a world-class multi-use development" that will be marketed under the name, Ten Broadway. As for the Met Police themselves, they will now relocate to their new home at the Curtis Green building on Victoria Embankment; a move that will, according to London Mayor Boris Johnson, save the police force about $9.4 million a year. In a statement, Johnson said, "The sale of this under-used and outdated building means we can now not only protect that rich heritage, but also fund the new HQ and kit out bobbies with the latest mobile technology to secure the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." And for those of you wondering if the iconic "New Scotland Yard" sign in front of the headquarters has also been sold to the Abu Dhabi firm: worry not, for that revolving triangular "jobby" will also be moved along with the police force to their new location on Victoria Embankment.

 

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