Stanhope has entered talks to buy the BBC’s 1.5m sq ft Media Village in White City, W12.
The developer, which is already working on the redevelopment of the nearby BBC Television Centre, is attempting to secure a deal ahead of a rival bid from US science park specialist Bugsby Property and Tim Farrow’s RER London, which has been in talks with the BBC since last summer.
Media Village covers 17 acres and includes the 435,900 sq ft Broadcast Centre, 419,899 sq ft Media Centre and 82,900 sq ft Energy Centre, all of which are currently occupied by the BBC.
It also includes the 270,000 sq ft White City One building, which is vacant.
Redevelopment is a long-term prospect given the complex ownership of the site.
The BBC bought the freehold from development partner Land Securities Trillium for £321.5m in 2005 but the long leasehold is owned by holders of a £250m bond issued by the broadcaster to fund the scheme’s construction.
The BBC pays rent to the bond holders through the White City Property Trustees special purpose vehicle.
Its lease on nearly 1m sq ft at the site runs until 2035, but there is potential for a negotiated early exit or to collapse the existing ownership structure.
The BBC confirmed last summer that several teams currently based in Media Village would be relocated to other offices, including Salford Media City in Greater Manchester, where they will join many of the staff who have vacated Television Centre.
A BBC spokesman said: “As previously announced, we are planning a phased move away from Media Village, W12, as part of our property strategy, which is on course to save £67m a year from 2017. The site has been marketed and we are looking at options with a view to securing best value, but no final decisions have been made.”
Revised plans for the redevelopment of Television Centre by Stanhope and the BBC were approved in December, paving the way for work to begin on the 10,000-home, mixed-use scheme.
A Stanhope-led consortium including Mitsui Fudosan and the Alberta Investment Management Corporation bought the site in 2012 for £200m.
The BBC’s retained adviser Lambert Smith Hampton is advising on the sale together with joint agent Savills.
