Today, the BBC and a consortium of Stanhope, Mitsui Fudosan UK and Alberta Investment Management Corporation (AIMCo) completed the sale of BBC Television Centre in West London. Stanhope has bought the site for guaranteed consideration of £200m.

The sale is part of long-term plans to reduce the size of the BBC’s property portfolio by 30 percent. The proceeds from the sale, together with the end of running costs for the site will contribute towards the BBC’s target of achieving annual savings in property expenditure of £47m pa by 2016/17.

Stanhope has acquired a long leasehold interest in BBC Television Centre. The BBC and Stanhope will work together on the initial planning and development, and the BBC will retain a continued presence at Television Centre.

The BBC public service divisions will be remaining on site until staff have been relocated and the technology infrastructure has been completed.

The BBC’s commercial arms BBC Studios and Post Production and BBC Worldwide will lease refurbished office and entertainment space in the completed scheme from 2014/15 and will be amongst the first parts to go-live at the re-purposed site.

Following temporary relocation, BBC Studios and Post Production will operate studios for television production, including the famous Studio 1.

BBC Worldwide will move from its current base in the W12 Media Village to become anchor tenants on the site, and will be located at the front of the building overlooking Wood Lane. BBC Worldwide is in the process of appointing its architects.

July 23 2012 - waveguide.co.uk