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Wed 2 Nov 2016 01:58 PM

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Abu Dhabi firm hires builder for New Scotland Yard site revamp

Abu Dhabi Financial Group said to have bagged Brexit bargain while planning to create new commercial and residential destination in London

Abu Dhabi firm hires builder for New Scotland Yard site revamp

Abu Dhabi Financial Group (ADFG) said on Wednesday that it has appointed a developer to transform the former New Scotland Yard headquarters in London.

Following the official handover of the site from London’s Mayor’s Office for Policing and Crime (MOPAC), UK-based Northacre, a subsidiary of ADFG, has been appointed to start construction of the scheme, which will be named The Broadway.

ADFG acquired New Scotland Yard from MOPAC in December 2014 with planning permission for the redevelopment of the site granted earlier in 2016.

According to the Press Association, ADFG agreed to buy the former headquarters of London’s police force for £370 million ($451 million).

It said a 10 percent deposit was paid when ADFG first agreed to the sale, with the remaining 90 percent reportedly paid this week. Over those 22 months, sterling has fallen 22.7 percent against the UAE dirham, mainly due to the Brexit vote in June..

“When you’re transferring 90 percent of a big number, you’re saving quite a lot,” said Niccolò Barattieri di San Pietro, chief executive of Northacre told PA.

As development manager, Northacre is tasked with creating a "dynamic new commercial and residential destination" in the heart of Westminster, a statement said.

It has appointed planning consultants Bilfinger GVA and internationally regarded architects Squire & Partners to realise the largest real estate project launched in London since the Brexit vote in June, the statement added.

Set to be completed in 2021, The Broadway will provide 485,000 sq ft of residential space, 146,000 sq ft of commercial space and 37,500 sq ft of retail.

The Broadway’s six buildings set over two podiums will also provide a 20,000 sq ft public space.

Jassim Alseddiqi, CEO of ADFG, said: “The acquisition of New Scotland Yard and our plans for The Broadway represent ADFG’s continuing commitment to investing in unique development opportunities in London.

"The Broadway represents the future of urban living, a thriving destination to live, work and play in a world class address surrounded by unparalleled views of London’s most famous landmarks.”

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