Taking on the 'Old Bill'

PERE Magazine December 2008/January 2009 issue

As landmark buildings go, they perhaps don't come as wellknown as 10 Broadway, London, SW1: the home of London's Metropolitan Police.

Home to London's
Metropolitan Police

New Scotland Yard, as it's better known, is a regular feature on British and international news programmes, if only for its revolving metal sign (which performs 14,000 revolutions every day). And it's now up for sale.

The owner, Land Securities, has put the freehold of the building up for sale for around £130 million ($192 million; €154 million). And already a number of “select” investors have expressed interest in the 400,000 square foot building.

“We have received strong investor interest in this exceptional piece of London real estate with national prominence, and will take matters forward on a selective basis,” Land Securities said.

Generically known as the Old Bill in England, the capital's police service has been in the stainless steel clad office block since 1967. And with 20 years remaining on its current lease, buying the Metropolitan Police's headquarters could be the perfect hedge against today's volatile markets.