London’s Biggest Deal Since Brexit Officially Closed
- Nov 02, 2016
London—The former New Scotland Yard headquarters has been officially transferred to BL Development Ltd., owned by the Abu Dhabi Financial Group, after the company purchased the 1.7-acre property in 2014 for £370 million—roughly $453 million. The handover marks the first step in the development of The Broadway, a complex mixed-use project comprising six buildings with heights peaking at 22 stories.
The site is located in Westminster, London’s central historical borough. The Broadway, developed by Northacre, will offer approximately 247 units, including one-, two-, three- and four-bedroom apartments and penthouses totaling 485,000 square feet of residential space. Below will be 146,000 square feet of office space and 37,500 square feet of retail space.
Between the six high-rises, Squire & Partners’ architects designed a 20,000-square-foot public space linking Victoria Street with Broadway Street. The project involves the demolition of the existing three 1960s buildings.
The Broadway received a planning permission in April and is scheduled for completion in 2021. “The Broadway is an important milestone in Northacre‘s history, our first major mixed-use development which will set a new standard for London living, working and leisure,” Niccolo Barattieri di San Pietro, CEO of Northacre, said in a prepared statement.
London’s Metropolitan Police Service is moving to a more cost-effective building on the Victoria Embankment. “By selling this building and moving our headquarters to Curtis Green, we’re able to make savings to invest in frontline policing, improving the technological capability of the force and develop facilities like a brand new, state of the art police training center in Hendon which was officially opened this month,” explained Helen King, assistant commissioner of the Metropolitan Police.