London property disposals bring in c.£1bn for the Met Police

Sales since 2012 include New Scotland Yard for £370m, Chelsea Police Station for £40m, and Kilmuir House in Belgravia for £45m

As the new Metropolitan Police HQ on Victoria Embankment officially opens today, it’s been revealed that a sell-off of property assets over the last five years has generated around £1bn for the force.

2014’s sale of New Scotland Yard to Abu Dhabi for resi development was the biggest single deal by far, bringing in £370m. Other notable prime resi projects include Chelsea Police Station, which was bought for £40m in 2015, and a block of flats (1-49 in Kilmuir House) in Belgravia for £45m. The most expensive single residence to be offloaded by the Met in the last five years is an apartment in Sailmakers Court, Fulham, which went for £1.4m back in 2012.

Around 24 police stations have been sold or closed sine 2012-3, according to a Freedom of Information request by the Press Association. Overall, 67 “operational” units were sold, as were 20 “residential blocks”, and 84 “residential units”.

Ten Broadway (AKA New Scotland Yard) – sold by the Met for £370m to ADFG, with Northacre as Development Manager
49 apartments in Belgravia’s Kilmuir House went for £45m to Amcorp
The Chelsea Police Station on Lucan Place was sold for £45m. It’s being developed by Northacre on behalf of Gulf Islamic Investments