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UK may sell New Scotland Yard HQ for $240m

London, October 30, 2012

London's cash-strapped police force may sell its New Scotland Yard headquarters for between GBP150 million ($240.9 million) to GBP200 million ($321.2 million), as part of plans to save GBP500 million, property agents said.

The Metropolitan Police bought the 1960s-era complex in the Victoria district from Land Securities in 2008 for GBP122 million.

The possible sale is part of a wider cost-cutting drive to shrink the force's 900,000 sq m estate by one third by 2016, the Met said in an e-mailed statement.

"We won't keep older buildings any longer than we need to...Our plans relate to all areas of the estate, including all HQ buildings and potentially moving New Scotland Yard from its current location," a spokeswoman said, adding that no final decision had been made.

The 20-storey block, surrounded by concrete blast barriers and famous for its revolving sign, will need 50 million pounds of maintenance over the next few years, the police said.

Should the sale go ahead, it may move its headquarters to a smaller building in the Westminster district.

The Victoria neighbourhood has been targeted by redevelopers including Land Securities, which is building prime offices, shops and over 200 homes in the district.

Last week, the government sold Admiralty Arch, a gateway between The Mall and Trafalgar Square in London, for GBP60 million to Spanish investor Rafael Serrano as part of a cost-cutting drive. – Reuters




Tags: London | Headquarters | Police |

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