Abu Dhabi: Abu Dhabi Financial Group (ADFG), an investment company, announced it has commenced development of the former New Scotland Yard following the official handover of the site by London’s Mayor Office for Policing and Crime.
ADFG acquired New Scotland Yard in December 2014, and was handed over the site on October 31, 2016. The property is now being re-developed by Northacre, a subsidiary of ADFG, and will be named The Broadway.
The company said Northacre will create a new commercial and residential destination out of the site in Westminster, and has appointed planning consultants, Bilfinger GVA, and architects Squire & Partners to work on the project.
In a statement on Wednesday, ADFG called the project the “largest real estate project launched in London since the Brexit vote in June 2016.”
The Broadway, which is set to complete in 2021, will provide 485,000 square feet of residential space, 146,000 square feet of commercial space, and 37,500 square feet of retail.
The Broadway’s six buildings will also provide 20,000 square feet of public realm linking Victoria Street with Broadway Street to the North.
“The acquisition of New Scotland Yard and our plans for The Broadway represent ADFG’s continuing commitment to investing in unique development opportunities in London,” said Jassim Al Seddiqi, ADFG’s chief executive officer.
During a press conference in Abu Dhabi last week, Al Seddiqi said the UK’s decision to leave the European Union hasn’t changed his views on the Kingdom’s economy on the long term, adding that the pound’s plunge provides opportunities for international investors.
