New Scotland Yard to be sold for £150m

In a bid to keep in line with sweeping budget cuts, the Metropolitan Police have proposed the possible selling of its iconic headquarters, New Scotland Yard, where it has been based since 1967. Famous for its revolving sign, the move would release £150 million pounds worth of equity which the Metropolitan Police desperately needs if it has any hope of making its spending cuts target of half-a-billion pounds by 2015. John Tully, the Chairman of the Metropolitan Police Federation, told the BBC: "It's very regrettable that it's come to this,”, “Clearly it's a building of age and it's got upkeep costs, but the old police authority and now Mopac have had a consistent policy of selling off property and they've now reached the Crown Jewels.” The proposal comes after more spending cuts which have seen the approval of five other police stations being put up for sale within the London area. A final decision on the outcome of the proposal will come after its submission to the Mayor’s Office for Police and Crime (MOPAC) in November. The sale would release 550,000 sq ft of grade A office space into the market if the plans are approved in November. The Met bought the building in December 2008 for £120m and could stand to make £30m if property industry sources are correct in their guide prices. Earlier in the year the Met abandoned the sale of its Curtis Green building on Victoria Embankment for £35m to the London developer, Welbeck Land. This is now the proposed site for its relocation which would see a significant reduction in its floor space down to 95,000 sq ft.