- Six-tower Westminster residential project to have 268 homes
- Development located between Parliament and Buckingham Palace
The buyer of London’s New Scotland Yard won approval to tear down the former metropolitan police headquarters in the Westminster borough and develop six towers with 268 homes, according to the Westminster Property Association.
Abu Dhabi Financial Group LLC, which bought the site in 2014 for 270 million pounds ($381 million), can construct buildings ranging from 14 to 20 stories under a plan that was approved by council members in a 3-1 vote late Tuesday, the developer said in a statement on Wednesday. The towers will replace the 1960s headquarters of the Metropolitan Police, which is moving its offices to a smaller building on Victoria Embankment to save money.
Abu Dhabi Financial Group, based in the United Arab Emirates, beat 10 other bidders to buy the plot, paying 120 million pounds more than the original price estimate. The company is also redeveloping an apartment building near Buckingham Palace through its Northacre Plc unit. The project at New Scotland Yard, also being undertaken by Northacre, will be called Ten Broadway and is expected to be completed in 2021.
“Ten Broadway will be a landmark mixed-use scheme of one million square feet, nestled
between the historic attractions of Parliament and Buckingham Palace,” Northacre Chief Executive Officer Niccolo Barattieri said in the statement. Squire and Partners are the architects on the project.
Developers are targeting offices that can be converted into homes after prime residential values in central London rose for the sixth successive year to reach 2,200 pounds a square foot in 2014, according to broker Savills Plc. Prices fell back to 2,138 pounds last year.