Met to pay LandSecs £120m to own Scotland Yard

By HUGO DUNCAN FOR THE DAILY MAIL
Updated: 06:20 EST, 1 December 2008

The Metropolitan Police was today on the verge of buying its central London headquarters for £120million.

New Scotland Yard was put up for sale by owner Land Securities last month and sources said that the deal could be completed as early as today.

Taxpayers' money will be used to fund the purchase of the site, which has been home to the Met since 1967.

HQ: Taxpayers will fund the Met's purchase of its Scotland Yard headquarters

The Sixties office block, famous for its revolving sign, is convenient for the Home Office and Cabinet Office but has become seen as a possible target for terrorists and concrete blast barriers now surround the building to protect it against attack.

The Met pays an annual rent of more than £4.7million to Land Securities and holds a lease until 2064.

Land Securities has been hit by the plunging property market and last month slashed the value of its estate by 20 per cent or £1.7billion.