New Scotland Yard, the Metropolitan Police headquarters, is set to be demolished after the planning permission was granted for a new residential, office and retail scheme by Abu Dhabi Financial Group (ADFG), according to media reports.
Westminster City Council approved plans for redevelopment of the building on Wednesday night once the police department moves to a smaller building, The Telegraph said.
Developer Northacre, in which ADFG holds a stake, will rename the site “Ten Broadway” with the six-building development, comprising 268 apartments, 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," said Northacre’s chief executive Niccolo Barattieri di san Pietro.
The striking towers of between 14 and 20 storeys will be visible from Buckingham Palace, the London Eye and the Houses of Parliament, the Evening Standard said. Prices range from £3million to £30 million, it added.
The Abu Dhabi-based company purchased the building for £370 million in December 2014, appointing Northacre as development manager in June 2015.
New Scotland Yard has been the Met’s home since 1967, but the decision to sell was taken in order to pump extra cash into frontline policing to offset government cuts. However, the famous rotating sign will move to the new building.