New offices will be built in White City after the BBC agreed to sell and sub-let its Media Village in a bid to reduce its costs.
Under the commercial terms agreed with Stanhope and Mitsui Fudosan UK Ltd, the BBC will receive £87m 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, providing office space totalling around 600,000sq-ft. Retail is also planned as part of the scheme.
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 2m 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.”
And Hideto Yamada, managing director of Mitsui Fudosan UK Ltd, said: “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 will also see the BBC will make £33m of annual running cost savings.
