For sale sign hoisted for New Scotland Yard

The London home of the Metropolitan Police for the past fifty years, New Scotland Yard, is being placed on the market today with a price tag of £250 million, the Financial Times has reported.

It is a climatic moment in a substantial sell-off of police premises, 32 buildings have already been sold bringing in £125 million in response to the Home Office’s call for the Met police to cut costs.

The disposals are predicted to save £6 million a year in operational costs, equivalent to paying for 130 police officers. The funds raised will help with the relocation to a refurbished, smaller head office (the former premises of Territorial Policing, unused since 2011) on the river Thames, and technology upgrades that will support the work of more officers on the move from smartphones and tablets, along with a new forensics laboratory.

New Scotland Yard is located at Victoria, London, and has capacity for 2,500 police officers from 600,000 sq. ft. of office space. It is being marketed by Jones Lang LaSalle, and it is hoped will be sold on before Christmas and bring in a price exceeding £300 million.

When news of a possible sale became known two years ago, many overseas investors expressed their interest.

London mayor Boris Johnson told the Financial Times: “By turning dilapidated and underused buildings into high-tech kit, we are giving the Met the tools they need to keep driving down crime in the capital, making them more connected to Londoners than ever before.”

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