NEW SCOTLAND YARD, the world famous headquarters of the Metropolitan Police, is set to be sold in order to raise £150 million.

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The Victoria office building, official address 10 Broadway, has been home to the Met for 45 years, but high running costs and the imminent need for a £50 million revamp – all against the background of government spending cuts – looks to have forced the police’s hands.

“We need buildings that are fit for a modern police service,” said Deputy Met Commissioner Craig Mackey.

“New Scotland Yard costs £11m a year to run and we now need to invest over £50m into it.”

Under the Met’s cost-cutting plans, staff currently based at 10 Broadway would move up the road, closer to the original Scotland Yard in Whitehall. It is thought they will take the iconic name and revolving sign with them.

As well as its HQ, the Met also plans to get rid of a third of its 700 offices and police stations in London by 2015 as part of a £500 million cost-cutting scheme.

Already, Highbury Vale, Richmond, South Norwood, Walthamstow and Willesden Green, police stations have been put on the market.