Project: New Scotland Yard, Ten Broadway, Westminster SW1
Client: The Met/MOPAC
Acting on behalf of the Met Police and the Mayor’s Office for Policing And Crime (MOPAC), JLL were instructed to advise on the disposal of New Scotland Yard, the iconic home of the Metropolitan Police since the 1960s, with the Met due to relocate to a new headquarters building on Victoria Embankment in 2016.
JLL acted as planning consultant, development consultant and land disposal agent to MOPAC, and working closely with architects SOM, guided the team to produce a mixed-use, residential-led indicative scheme of over 550,000 sq ft, and secured in principle planning guidance from Westminster City Council and the GLA.
Development issues such as bulk, massing, scheme layout, land use mix, public realm, tenure split, and so on, were considered.
Given the Met were to remain in occupation until 2016, a series of disposal options were considered and analysed to inform the overall sales and marketing strategy.
JLL then undertook one of the most extensive international marketing campaigns ever undertaken for a Central London development opportunity, with the London disposal team working closely with our International Capital Group (ICG). Working with a number of creative marketing agencies, innovative marketing materials including a 360 degree interactive viewing tool, interactive time lapse video, and a site sale video were used to sell the opportunity.
- MPOAC gained in principle planning guidance from WCC, significantly de-risking a ‘maximum envelope’ scheme for potential purchasers, optimising the eventual land receipt.
- Through its Global Network of offices, JLL ensured the opportunity was exposed to international and domestic developers and investors. Over 70 presentations were made.
- With assistance from JLL’s PR teams, the sale was covered by most of the UK’s mainstream television channels and national and regional newspapers, including a feature in the Financial Times.
- The site was offered for sale for over 7 weeks from September 2014, with over 100 presentations and viewings.
- JLL analysed a large number of bids, shortlisted a number of parties for a second round, and undertook a series of bidder interviews.
- Terms were agreed with Abu Dhabi Financial Group (ADFG), and following a short period of contract negotiation, exchanged contracts unconditionally for £370m.
- The sale represented the largest West End development sale on record.