INDUSTRY NEWS

Scotland Yard to be sold

Scotland Yard is up for sale as part of Land Securities’ restructuring.

The commercial property developer owns the building, which is in turn leased out to the Police.

Land Securities has confirmed it is "in discussions with a select number of investors". According to the firm, it has received "strong interest".

The Metropolitan Police have been resident at New Scotland Yard, Broadway since 1967.

As one of the Capital’s landmark buildings, it could be utilised for a number of commercial possibilities.

One Police source told the Evening Standard: "It would make an ideal site for a hotel but we are staying put for the time being."

Land Securities owns an enormous amount of commercial property in London.

Included in its portfolio are retail outlets in Piccadilly Square, and offices let to Warner Bros, Lloyds TSB and Marks & Spencer.

Announcing its half-yearly results this week the group said it had returned a "good underlying performance with growth in revenue profit of 13.3 per cent".ADNFCR-1329-ID-18877508-ADNFCR

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