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Scotland Yard up for sale
Justin Davenport, Crime Correspondent13 Nov 2008
NEW Scotland Yard, headquarters of the Metropolitan Police and one of London's most famous buildings, is up for sale.
The move has prompted the Metropolitan Police Authority to order a full "extraordinary" meeting in secret today.
Land Securities, the UK's largest commercial property group and the owner of the building, confirmed it was in talks over the sale of the freehold with a number of potential buyers. The firm has been hit by the plunging property market.
The Met has a 60-odd year lease on the building so it is highly unlikely the force will have to move under new ownership. The force will simply pay rent to a different landlord.
One source said: "It would make an ideal site for a hotel but we are staying put for the time being."
The MPA's "extraordinary meeting" has been scheduled to discuss one item described simply as "Central London estate". A spokeswoman refused to give more details.
Property analysts said that in the current financial climate it was highly likely a Middle Eastern cash buyer would be the preferred option as other potential purchasers would struggle to raise the loans needed to make a purchase.
However, Land Securities said: "We can confirm that we are in discussions with a select number of investors. We have received strong interest."
Land Securities had to slash the value of its portfolio - which includes several large London offices, some of them rented by government departments - by £1.7 billion, a cut of 20 per cent, because of the fall in commercial property.
Scotland Yard is listed on the company's website among those valued at more than £100 million.
The police headquarters - a Sixties office block - is famous for its revolving sign and a feature on the tourist map of London. It has been home to the Met since 1967.
The Commissioner and several senior officers are based in the building as are a number of the Yard's most secretive and elite squads, including the Counter Terrorist Command.
But in recent years it has become seen as a possible "spectacular" target for al Qaeda bombers and concrete blast barriers now surround the building to protect it against a suicide attack.
The Met has acquired several other sites around London and some senior officers have questioned the need for a central London location at all. While it is convenient for the Home Office and the Cabinet Office, some insiders believe the force could be more easily run from a purpose-built HQ at the force's training site in Hendon.
The Metropolitan Police was originally formed in 1829 with its HQ at 4Whitehall Place and a servants' entrance in Great Scotland Yard.
The servants' quarters were later turned into a police station and officers referred to the station by the name of the street. In 1890 a new HQ was opened on the Thames Embankment and named New Scotland Yard.
Reader views (5)
"Melvyn,
In your eagerness to slag off Boris you didn't read the article properly.
Scotland yard is owned by Land Securities. Why do you think that Boris has any involvement?
- Inoff The Red, London UK"
Quite. Not a particularly good example of joined up thinking...or maybe it's something to do with the school he went to. But hey, never let the facts get in the way of a gold old anti-Boris rant.
Mind you, Linda, Italy didn't fair much better...what is it with kneejerk commentary off a single headline? The story is there, just read it.
- Md, London, UK, 14/11/2008 09:25
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Melvyn,
In your eagerness to slag off Boris you didn't read the article properly.
Scotland yard is owned by Land Securities. Why do you think that Boris has any involvement?
- Inoff The Red, London UK, 13/11/2008 17:26
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with all the money they pay out in compensation etc I should think they're obbliged to sell off some of their assets
- Linda, italy, 13/11/2008 15:14
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I thought it was shut in 1997? Well, that's when the Police disappeared anyway.
- Roger, Staines, 13/11/2008 12:26
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Dont say Boris is selling the family silver. Is he?
- Melvyn Windebank, Canvey Island, Essex, 13/11/2008 12:15
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