The City of London Corporation has completed the sale of Wood Street Police Station at 37 Wood Street.
The building was sold to Wood Street Hotel Ltd (wholly owned by Magnificent Hotels) after it was declared surplus to operational requirements by the City of London Police. The developers have purchased the property on a 151-year lease and will turn it into a boutique 5-star hotel, subject to planning permission.
The City of London Police are expected to remain in occupation at Wood Street station until potentially December 2020 to allow time to decommission the building.
Meanwhile, the City of London Corporation is working to develop ambitious plans to build a new flagship combined courts facility and state-of-the-art headquarters for the City of London Police at Fleet Street to better serve the needs of a modern, busy city.
Wood Street is the second station to be sold this year with the purchasers of Snow Hill station intending to develop it into a new hub by Premier Inn hotel. Both sales will help to boost overnight accommodation in the Square Mile, which supports the City Corporation’s draft City Plan 2036.
Sir Michael Snyder, Chairman of the City of London Corporation’s Capital Buildings Committee, commented:
“The sale of Wood Street offers the opportunity to help meet the growing demand for overnight accommodation in the Square Mile, while at the same time taking forward our plans to create a new headquarters for the Police to ensure they continue to deliver a first-class service.
“As we work towards realising our vision of the City as a 24/7 destination, it is estimated more than 4,000 hotel rooms will be required to meet demand from workers, tourists and residents.
“The announcement of this development is another step in the right direction towards meeting this target.”
Ian Dyson, Commissioner of the City of London Police added:
“The police station at Wood Street has not been well used by the public and it requires modernisation.
“We will be relocating our policing teams to our Bishopsgate police station over the course of the next year, ahead of moving into our purpose-built, state-of-the-art headquarters near Fleet Street, later in the decade.
“The public can still report crime at Bishopsgate, as well as by phone or online.”
William Cheng, Chairman of Magnificent Hotels commented:
“Magnificent Hotels is honoured to have acquired this unique property which provides huge potential to elaborate its heritage by sensitively refurbishing and enhancing the Grade II* listed former Police Station.
“We look forward to working alongside our experienced professional team to convert the building into a deluxe heritage hotel for the public to enjoy."
The real estate services company Cushman & Wakefield acted on behalf of the City of London Corporation in the sale of the property. Magnificent Hotels were advised by Knight Frank and DLA Piper.
The hotel will be located adjacent to Culture Mile, which stretches from Farringdon to Moorgate. Culture Mile is led by the City of London Corporation, and together with the Barbican, Guildhall School of Music & Drama, London Symphony Orchestra, Museum of London and a growing network of stakeholders from across the commercial, cultural and civic sectors, they are transforming the area.