The City of London Corporation has completed the sale of Snow Hill Police Station.
The station, which was previously declared surplus to operational requirements by the City of London Police, has been sold to hotel owner and operator Whitbread Plc on a 151-year lease.
The police will remain in occupation potentially until December 2020 to allow time to decommission the building.
Subject to planning permission, the property will be turned into a hotel, boosting overnight accommodation in the Square Mile and supporting the City Corporation’s City Plan 2036.
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.
Sir Michael Snyder, chairman of the City of London Corporation’s capital buildings committee, said: “The sale of this property brings the possibility of much needed overnight accommodation in the City, while not affecting the police’s ability to deliver a first class service across the Square Mile.
“As we work towards realising our vision of the City as a 24/7 destination, it is estimated that more than 4,000 hotel rooms will be required to meet demand from workers, tourists and residents.
“Developments like that announced today will be crucial in meeting this target.”
Ian Dyson, Commissioner of the City of London Police, said: “Snow Hill Police Station was under utilised, with low footfall and in need of modernisation. City of London Police is working with the City of London Corporation to progress ambitious plans to build a state-of-the-art police station near to Fleet Street to better serve the needs of a modern, busy city.
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“Our community policing teams continue to patrol the City to provide face to face contact with the public and people can still visit our police stations on Bishopsgate and Wood Street. Alternatively, our services can be accessed through the online reporting tool on our website or by dialling 101, or 999 in an emergency.
“These plans will not cause any job losses. Staff and officers are being relocated and the closure of this station will not affect our policing of the City and the way in which we protect the public.”
Jonathan Langdon, acquisitions manager for Central London at Whitbread, said: “Farringdon is one of the most vibrant locations in London, so we’re delighted to have secured a new site on Snow Hill with the intention of delivering a new hub by Premier Inn hotel, subject to obtaining planning permission.
“The site’s close proximity to the City, the Culture Mile initiative and some of London’s most historic attractions, such as St Paul’s Cathedral and Guildhall, makes it a prime location for both business and leisure customers, and with the arrival of Crossrail, the demand for hotel rooms in Farringdon is only set to increase.
“We recently opened a new Premier Inn hotel at Smithfield and are currently building another hub by Premier Inn on Farringdon Road, so the Snow Hill acquisition is a great opportunity for us to grow our hub by Premier Inn portfolio in such an important London catchment.”
The real estate services company Cushman & Wakefield acted on behalf of the City of London Corporation in the sale of the property.