Hogan Lovells Advises on Sale of BBC's Media Village
04 June 2015
04 June 2015 – London – Hogan Lovells has advised the BBC on an £87 million deal for the sale and sublet of its West London Media Village to British developer Stanhope and Japanese property giant Mitsui Fudosan. The sale, which completed on 4 June, is part of a major initiative that will see the BBC save an estimated £75 million a year on property costs by 2017.
Under the commercial terms agreed, Stanhope and Mitsui Fudosan UK Ltd will purchase four acres of freehold land and the lease of six buildings, three of which will continue to be occupied by the BBC. The site will now be known as White City Place and its redevelopment will pave the way for a complete overhaul of the Shepherd's Bush area.
Real Estate Partner Oliver Chamberlain, who previously advised on the sale of the BBC’s iconic Television Centre in 2012, led the Hogan Lovells team. Commenting on the transaction, Oliver Chamberlain said:
“We are delighted to be part of another important deal for our key client, the BBC, and to further assist them in reducing their property foot print to achieve one of the BBC's strategic goals."
The Media Village was completed in 2004, on the former site of the 1908 Olympic Stadium. Programmes filmed there included The One Show, until it moved to New Broadcasting House in the West End.
Oliver Chamberlain was assisted by:
- Real Estate - Dion Panambalana, Gerard Tomnay, Paul Tonkin, Hannah Quarterman, Paul Edwards, Neal Bhattacharyya, David Horan and Victoria Sheehan-Dare
- Planning - Victoria Du Croz
- Energy - Elisabeth Blunsdon
- Tax - Philip Gershuny and Aaron Burchell
- Banking - Edward Fear and Andrew Whittaker
- Pensions - Clare Southern
Macfarlanes advised Stanhope.