Abu Dhabi-based Indian tycoon Yusuff Ali M.A has agreed a £110 million deal to develop a luxury hotel on the site of the original Scotland Yard Police Station in London.
Ali, head of the retail and hospitality conglomerate Lulu Group International, has signed up Galliard Homes to complete the project at the former home of the Metropolitan Police Force in London’s Whitehall.
“London undoubtedly is one of the most happening locations in the world especially from the tourism point of view and we have been actively evaluating investment opportunities that both grow our footprint and contribute to the further development of London,” Yusuffali M.A said in a statement.
Twenty14 Holdings is the newly launched hospitality arm of LuLu, focusing on acquisition and management of assets around the globe.
The entity has more than £160 milllion of assets in the Middle East, UK and India.
The Kerala-born businessman is the latest in a slew of foreign buyers who have shaken off mounting fears of a ‘Brexit’ from the European Union and possible economic contagion from the stricken euro zone, to invest in prime UK real estate.
Steigenberger Hotel Group has been selected to operate the 92,000 square foot hotel when it opens early next year.
The property, made famous by novelists Charles Dickens and Sir Arthur Conan Doyle, was occupied by the capital’s fledgling ‘Met’ police force between 1829 and 1890.
It was here that the famous Jack the Ripper crimes were investigated.
New Scotland Yard, the most recent headquarters, was sold to Abu Dhabi Financial Group for £370 million in December.