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ITV has bought 2.5 acres of the 22-storey tower that it occupies and in which its headquarters and studios are based, also known as the London Television Centre. ITV acquired this plot from Coal Pension Properties for £56 million and will have to pay Coal Pension Properties an additional £6.5 million if ITV proceeds with any major redevelopments within the next 3 years.
Before this acquisition, ITV had held a 56-year lease of the building with Coal Pension Properties and this purchase will now provide the buyer with the opportunity to modernise and refurbish these offices to meet its own standards and requirements.
The London Television Centre, also known as the London studios, is a major London landmark, being ITV’s main production base and where the breakfast television show, Daybreak, is filmed. The building is located on the Southbank, an area that is fast developing and in which we are seeing speculative development on the rise, adding to the future availability of offices in Waterloo.
Offices in Waterloo are hard to come by, but there a few commercial space developments that should be in progress within the next few years, such as the proposed redevelopment of the Shell centre. ITV’s refurbishment of its tower will fit in nicely with the new commercial look we can expect Waterloo to be presenting before too long.
Morgan Pryce is a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.