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Land Sec Sell New Scotland Yard Back To Police

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Land Sec Sell New Scotland Yard Back To Police

Published on 22-12-2008 by
The world famous New Scotland Yard, the headquarters of London's Metropolitan Police, complete with its revolving sign, has been sold back to them, by former owner Land Securities.

Located a stones throw from Victoria Station, the landmark slick international style tower on 8 to 10 Broadway, has been sold for an unspecified sum back to its long term occupant which is was originally built for and has been occupied by since the sixties when it was designed by Chapman, Taylor & Partners.

Although surrounded at street level with barriers to stop truck bombs and laid out more like a fortress, the tower itself with clean cut lines and an age of over forty years, has weathered better than other government office buildings in Victoria, many of which seem damned rather than blessed by the architectural period they come from.

It's important to point out that is not the original Scotland Yard as made famous by the Jack the Ripper investigation and various visits from Sherlock Holmes but rather the latest in a series of locations. The Metropolitan Police left their original home in 1890 and then moved again to their current building in 1967.

The sale has been justified by Land Securities as a measure to get the full shareholder value out of the asset over the next couple of years as property prices fall showing that they wish to try and maximise immediate revenue now rather than defer it for a long-term advantage.

It also gives Land Securities an opportunity to further rationalise their land holdings in Victoria, an area where they are continuing to aggressively expand with schemes like Selborne House despite the current economic climate.

For the Metropolitan Police the advantages are more obvious with them now having the opportunity to not only directly manage the building that has been their headquarters for decades, but also in the long term save money on the rental agreement that was for the landlord, a guaranteed income stream.

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