Abu Dhabi Financial Group (ADFG) has unveiled its plans for the redevelopment of New Scotland Yard, following approval from the planning committee of Westminster City Council in London.
Northacre PLC, a London-based developer of luxury residences, will manage and develop the one million square feet project, creating a contemporary destination, comprising exceptional residential, office and retail space, in prime Central London.
Set to complete in 2021, the six building site has been designed to reflect and embrace existing themes common to the local area.
ADFG acquired New Scotland Yard from the Mayor’s Office for Policing and Crime (MOPAC) for £370 million (AED2.1 billion) in December 2014.
Jassim Alseddiqi, CEO of ADFG, said: “The approval by Westminster City Council for the redevelopment of the Ten Broadway site is a major milestone in our ambition to replace a world famous headquarters with a world class premises.
“Throughout this process, the objective has been to create a modern and luxury mixed-use real estate, which complements and adheres to Westminster’s world-famous aesthetics. With the Ten Broadway and 1 Palace Street projects in development, ADFG is behind some of London’s most desirable new addresses and the largest projects undertaken in Central London this decade.”
Niccolò Barattieri di san Pietro, CEO of Northacre, added: “Ten Broadway will be a landmark mixed-use scheme of one million square feet, nestled between the historic attractions of Parliament and Buckingham Palace. The development is set to complete in 2021 and will feature six architecturally striking buildings, which will each offer outstanding views.
“We are very proud to have been awarded planning permission and look forward to starting work on creating an exciting new destination for Westminster.”
Through its majority stake in Northacre, ADFG is also involved in the redevelopment of No.1 Palace Street, situated in prime Central London adjacent to Buckingham Palace. With an expected completion date of 2018, this development will comprise 72 luxury apartments, a restaurant and health and fitness facilities within its 302,377 square feet.