ITV is preparing to relaunch its 250,000-300,000 sq ft requirement for a new London base.
Knight Frank, which was first instructed in 2014, is leading the process.
ITV’s search was put on hold last year after the broadcaster lost out on space at M&G Real Estate’s London Fruit & Wool Exchange, E1, to law firm Ashurst.
It is understood the broadcaster went on to look at other sites but progress stalled amid lack of options in the supply-squeezed City. In January, supply stood at just 5.8m sq ft, of which 1.5m sq ft was under offer, according to Savills.
ITV is likely to broaden its search over a wider area than the City, including areas such as King’s Cross and Battersea.
Any new site would consolidate ITV’s two central London offices. It currently occupies 80,000 sq ft at Great Portland Estate’s 200-214 Gray’s Inn Road, WC1, where its lease expires in 2023 with a break in June this year.
It also occupies the 434,000 sq ft office and studio complex London Television Centre at 58-72 Upper Ground, SE1, which it also owns.
A move would allow the sale and redevelopment of the Upper Ground site, which would provide a riverside residential redevelopment opportunity.
However, ITV also has the option of working up a new scheme on Upper Ground for
its own occupation, along with an additional residential scheme.
In 2014 talks were held between the broadcaster and Coin Street Builders, which owns the Princess Wharf site to the east of Upper Ground, to bring forward a broader scheme, but no deal was agreed.
An ITV spokesman said: “Over the past couple of years we’ve been looking at options for bringing together our South Bank and Gray’s Inn Road sites into a single campus. We’ve considered a number of possibilities, including moving to a new site, but have so far not found anywhere suitable for our needs.”
Knight Frank declined to comment.
To send feedback, email louisa.clarence-smith@estatesgazette.com or tweet @LouisaClarence or @estatesgazette
