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Met to pay LandSecs £120m to own Yard
Hugo Duncan1 Dec 2008
The Metropolitan Police was today on the verge of buying its central London headquarters for £120 million.
New Scotland Yard was put up for sale by owner Land Securities last month and sources said that the deal could be completed as early as today.
Taxpayers' money will be used to fund the purchase of the site, which has been home to the Met since 1967.
The Sixties office block, famous for its revolving sign, is convenient for the Home Office and Cabinet Office but has become seen as a possible target for terrorists and concrete blast barriers now surround the building to protect it against attack.
The Met pays an annual rent of more than £4.7 million to Land Securities and holds a lease until 2064.
Land Securities has been hit by the plunging property market and last month slashed the value of its estate by 20% or £1.7 billion.
Reader views (1)
Sounds like the Met is paying far too much, if the ES figures are right.
Which top suit is signing this off as Value for Money I wonder? Will "Jacqui" Smith have the final say, just to reassure us all that there's nothing to worry about?
- David H, Aylesbury, England, 01/12/2008 14:21
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