ITV confirms London Television Centre sale
Mitsubishi Estate London has exchanged contracts with ITV to buy its former South Bank base at the London Television Centre for £145.6m.
Yuichiro Shioda, managing director and chief executive of Mitsubishi Estate London, said: “The size and South Bank location of this site present a unique opportunity to create something that is truly a destination in its own right.
“While our exact plans for the site are still being finalised, we will be working towards a scheme that contributes to both the local community and cultural focus the area enjoys, and will be seeking an open dialogue throughout with Lambeth Council.
Mitsubishi Estate London has exchanged contracts with ITV to buy its former South Bank base at the London Television Centre for £145.6m.
Yuichiro Shioda, managing director and chief executive of Mitsubishi Estate London, said: “The size and South Bank location of this site present a unique opportunity to create something that is truly a destination in its own right.
“While our exact plans for the site are still being finalised, we will be working towards a scheme that contributes to both the local community and cultural focus the area enjoys, and will be seeking an open dialogue throughout with Lambeth Council.
“This is a long-term project for us, and demonstrates our confidence in London’s continued position as one of the world’s gateway cities. Mitsubishi Estate has been investing in the capital for more than 30 years, and our developments here, in the City and at Nine Elms highlight the continued importance of London as somewhere for people to live, work and play.”
It follows a lengthy sales process that saw the 2.5-acre site go under offer twice to other buyers before Mitsubishi Estate London stepped in.
The £150m sale of the riverfront property was launched by Knight Frank in January and went under offer to Allied London in April before the sale collapsed in June, before Lendlease placed the site under offer.
The site has consented plans for a scheme that included new studio space for ITV. But last year it scrapped those plans and said it will stay at Waterhouse Square in Holborn, WC1, and continue to use studios at BBC TV Centre in White City, W12.
As part of the sales process, Knight Frank drew up alternative potential plans for the site, which included around 417,000 sq ft of offices and 236,000 sq ft of residential development.
Development manager CO-RE is understood to have been brought in by Mitsubishi Estate London to deliver on the redevelopment of the site.
The sale to Mitsubishi Estate London is expected to complete by the end of November.
ITV said part of proceeds of the sale of the South Bank site, net of tax and fees, will be used to replace the asset security, and the remaining sale proceeds used to reduce ITV’s net debt.
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