THE BBC has announced the sale and sublet of its Media Village site in an £87million deal with Mitsui Fudosan and Stanhope.
Following an 18-month negotiating process, four acres of freehold land will be sold and six buildings in White City leased as part of the deal.
Japanese firm Mitsui Fudosan and developer Stanhope will refurbish and regenerate part of the complex, which will be brought back to the market in 2016 under the name White City Place.
Both firms were part of a consortium that bought the BBC's Television Centre for £200m in 2012. The project marks the largest-ever city development in London by a Japanese company.
Stanhope and Mitsui will undertake major landscaping and infrastructure works to White City Place to significantly improve the public realm, including gardens and plazas and to reinforce connections with the nearby stations, Television Centre and Imperial West. Stanhope and Mitsui intend to submit a planning application later this year for new office development and landscaping on the southern gateway entrance site. Allies and Morrison have been appointed as architect to master plan the site.
Hideto Yamada, Managing Director of Mitsui Fudosan UK Ltd 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.”
