Abu Dhabi has bought the New Scotland Yard building, the headquarters of London’s Metropolitan Police Service, in a bid to redevelop the site into another GCC-financed luxury real estate complex in the UK capital.

Abu Dhabi Financial Group (ADFG) paid £120m ($188m) more than the guide price, putting the total investment at approximately £370m.

With an expected completion date of 2017 the development, which is being called Ten Broadway, will comprise 72 luxury apartments, a prominent restaurant and health and fitness facilities within its 82 square metres.

“The New Scotland Yard site will be one of the most important redevelopment projects undertaken in Central London this decade, replacing a world-famous headquarters with a world-class development,” says Jassim Alseddiqi, CEO of ADFG.

In recent years the UK, and particularly London, has witnessed a significant number of property and real estate investments from the GCC. From the purchase of King’s Reach Tower (now known as South Bank Tower) in 2010 by the Saudi-based Jadwa Investment to The Shard, a Qatari-financed tower in central London.

Qatari Diar has also recently part invested in another project in London, where it is engaging in a redevelopment scheme in partnership with Canary Wharf Group costing £1.2bn. The Shell Centre will be redeveloped into 877 mostly luxury homes, 242 sq m of offices and 242 sq m of shops in eight new buildings, including a 37-storey tower. It has also been reported that Qatari Diar and Canary Wharf Group plan to buy two office buildings at the 1.45 million-square-foot scheme for more than £500m.