Investors from Abu Dhabi have shelled out no less than £370 million to buy New Scotland Yard.
The Abu Dhabi Financial Group spent £120 million above the expected price of £250 million to secure the purchase.
The building has been home to the Metropolitan Police since 1967, but it is planning a move to a smaller building on the Embankment, taking its famous rotating sign with it.
In 2008, it secured the freehold of the site for £120 million
Now it is believed that the Westminster property will be demolished to make way for a luxury residential and commercial property.
The proceeds come at a time when police funding is “under extreme pressure”, according to Met Commissioner, Sir Bernard Hogan-Howe, with savings demanded, making the money “absolutely vital”.
Proceeds of the sale are expected to be used to equip officers with mobile technology such as tablets, smartphones and body cameras, which the force claims will let officers spend more time out on the beat.
