INDUSTRY NEWS

BBC sub-letting White City in order to reduce costs

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It has been announced that the BBC are to sell and sub-let their White City Media Village office space in London in an attempt to reduce outgoing costs.

Following 18 months of negotiating, the BBC agreed on an £87m joint sale with Japanese real estate developers Mitsui Fudosan and UK firm Stanhope.

The deal includes four acres of land and six buildings, three of which will still be occupied by the BBC. The three buildings being vacated – White City One, Media Centre and Garden House – total around 600,000 sq. ft, and are set to be refurbished as office and retail spaces before being re-entered on the market in 2016.

Stanhope Plc, chief executive, David Camp, said, “White City Place will become the commercial heart to White City. Together with Television Centre, we will be delivering close to 2m sq. ft of office space and nearly 1,000 new homes over the next five years.”

Mitsui Fudosan UK Ltd, managing director, Hideto Yamada, commented, ““White City Place will be designed to appeal to young and growing businesses and retailers, creating a fresh and vibrant business destination in west London.”

The deal is estimated to save the BBC £33m in annual running costs.

By: Kirsty MacGregor

News bought to you from DeVono Cresa, the award-winning commercial property advisers, specialising in Central London office, retail and leisure space.

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