Police Station sales enable investment

The Mayor of London, Boris Johnson, has today announced that sales of under-used police buildings across the capital last year raised £125 million – more than three times the original estimate – enabling a new investment in Wembley.

The figures, published in the second annual report of the Mayor’s Office for Policing And Crime (MOPAC), show that across London 32 buildings that were no longer operationally required were vacated and sold in 2013/14 and a further 22 leasehold interests were terminated.

Sales of these former operational police buildings raised £124.5m against an original target of £40 million and delivered full year savings of £12.5m in running costs. The sales are estimated to have delivered wider economic benefits to the value of around £330m from the creation of new homes and schools, and with redevelopment supporting new jobs and generating additional council tax income.

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. This has supported over 2,000 jobs and will generate up to £1 million in annual council tax.

The total receipt of £124.5 million includes the first tranche of payment of £12 million from the ambitious deal to redevelop Hendon Police Training Centre, successfully negotiated and signed in 2013/14, which will deliver in excess of 2,500 residential units and total receipts of £120 million by 2015/16 – £35 million more than budgeted originally.

A new £15 million deployment base in Wembley – now formally opened – is a result of investment that has been made possible by estate sales.

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