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News - 20/07/2012

BBC Television Centre sold for £200m

Working with the BBC, we have sold Television Centre to property developers Stanhope Plc for £200m.

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Buyers short-listed from 240 expressions of interest

The sale follows a year-long selection process, when 240 expressions of interest were whittled down to six short-listed bids. They were tested against the BBC’s three key objectives: maximising the value for licence fee payers; protecting the building’s legacy; and choosing a buyer that could deliver.

A pioneering project that maximised value for stakeholders

 Ezra Nahome, our CEO, reflected on the process: “The sale of Television Centre has been a pioneering project from its inception to its conclusion, which has captured the imagination of the market. The BBC is at the forefront of innovation as an occupier and property owner. Throughout the process the BBC has worked with us to find ways of capturing and delivering value for its stakeholders.”

Ezra explained: “We provided potential buyers with a solid vision and ran a sale process that allowed all parties flexibility. All possible uses were considered, from a conventional property sale of the 14 acre freehold site to a joint venture partnership with the aim of repurposing the site.”

BBC to lease refurbished office and entertainment space

The BBC’s commercial arms, BBC Worldwide, BBC Studios and Post Production 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.

Masterplan includes leisure, office and residential uses

Wider plans for the site will include a vibrant mix of uses (leisure, office, residential) as envisaged in the GLA’s White City Opportunity Area masterplan. The listed elements of Television Centre will be retained and enhanced, including the instantly recognisable exterior view.

“Stanhope Plc has bought a truly unique London building, and we look forward to seeing the next chapter unfold for Television Centre,” Ezra concluded.

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