Stanhope and Mitsui Fudosan have finalised a deal to buy the BBC’s Media Village campus, W12, adding 600,000 sq ft to their West London development pipeline.
The complex agreement will see the joint venture pay £87m for the freehold to part of the site, including three buildings which will be refurbished and three buildings which will remain occupied by the BBC.
White City One, Media Centre and Garden House will be refurbished for occupation by next year and the site will be rebranded as White City Place.
The BBC bought the freehold of the 17-acre campus from development partner Land Securities Trillium for £321.5m in 2005, but the long leasehold on the majority of the site is owned by holders of a £250m bond issued by the broadcaster to fund the scheme’s construction.
The BBC pays rent to the bondholders through the White City Property Trustees special purpose vehicle.
Stanhope and Mitsui – already on site redeveloping nearby Television Centre – retain the option to buy the freehold on the rest of the site when the long leasehold expires in 2035.
