Scotland Yard makes £125m in property sell-off
The Met Police has made £125m from selling off police stations thanks to a boom in London property in the last year.
The cash was raised in the sale of 32 buildings last year – including 20 former police stations.
The details of the sales, released in the Mayor’s Office for Policing And Crime’s annual report, show the majority of sites were sold to developers for housing.
However, five sites will become new schools or colleges, which together raised £23.8m, one will be partially developed for health care and another police station will be turned into shops.
The report revealed that several of the sites generated massive sales due to the current house price surge.
They included Harrow Road police station which sold for £9m, St John’s Wood police station which sold for £8.5m, Clapham police station for £4.5m and Hackney police station which raised £7.6m.
Among the most expensive sites was Barnes Green police office which sold for £10m and will be redeveloped into homes.
The report stated that since January 2012, around 700 residential units have been created on former police sites with more than half coming from building sales over the last year.