INDUSTRY NEWS

ITV officially buys its South Bank London office HQ for £56m

ITV has announced today (Monday 28) that it has officially purchased its London office HQ and studios for £56 million.

As well as being the broadcaster’s main base of operations, the offices and studio located on London’s South Bank is also home to shows including Daybreak, This Morning and Loose Women.

The firm has purchased the 2.5 acre site in the Waterloo region of Central London from Coal Pension Properties, a retail letting firm based in the capital.

According to reports, ITV will pay £56m to buy out the 56-year lease.

The firm will also have to stump up a further £6.5m if the site undergoes any drastic redevelopment in the next ten years.

Speaking in a stock market announcement, the broadcaster said that the investment was designed to give it flexibility in regards to its property strategy as part of a move to ‘transform and rebalance’ the company.

ITV has used the South Bank site, formerly known as the London Studios, as its London office HQ and main production base for more than 40 years.

Now known as the London Television Centre, the 22-storey tower which overlooks the Thames was purpose built for ITV company London Weekend Television back in the early 70’s.

The broadcaster recently took the decision to revamp its offices and studios in Leeds and also relocated its Manchester base to the new MediaCity complex in Salford.

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