BBC sells Media Village

BBC White CityThe BBC has announced the sale and sublet of its Media Village site to Stanhope and Mitsui Fudosan.

The site will now be called White City Place.

The BBC will receive £87 million for the sale of four acres of freehold land and the lease of six buildings, three of which will continue to be occupied by the BBC.

The three buildings being vacated by the BBC – White City One, Media Centre and Garden House – will be fully refurbished and brought back to the market from late 2016. The buildings total around 600,000 sq ft. The hope is that, as part of the wider regeneration of the area, this will deliver a “thriving and lively urban business environment which will be attractive to a wide range of creative industries”, say the BBC.

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

“Alongside the BBC studios and Soho House at Television Centre, the John Lewis store, opening 2018, and the Imperial West campus on Wood Lane, White City is fast becoming the place to be.”

Hideto Yamada, Managing Director of Mitsui Fudosan UK, said: “The White City Opportunity Area covers 110 hectares which will see a significant and exciting amount of development come to fruition over the coming years, ensuring a full transformation of the area. 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. We are delighted to add this iconic asset to our growing London portfolio; the acquisition reflects Mitsui Fudosan’s long-term commitment to expand our investment strategy to strong markets outside of Japan.”

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