Mitsubishi Estate London purchases ITV’s London Television Centre for £145.6 million

ITV has sold its London Television Centre on the South Bank to Mitsubishi Estate London in a £145.6 million cash deal.

The sale comes off the back of several failed deals regarding the property. Lendlease was reported to be under offer to buy the former home of ITV “for around £150 million” in June, after a potential contract with Allied London fell through.

According to Mitsubishi Estate London, the acquisition represents a long-term project and, along with the firm’s recent investments in the City and Nine Elms, demonstrates the continued importance of London as somewhere for people to live, work and play.

Yuichiro Shioda, MEL’s managing director and chief executive, explained: “The size and South Bank location of this site present a unique opportunity to create something that is truly a destination in its own right… While our exact plans for the site are still being finalised, we will be working towards a scheme that contributes to both the local community and cultural focus the area enjoys, and will be seeking an open dialogue throughout with Lambeth Council.”

Completion is expected by the end of November.

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Photo copyright 2009 David Jones, CC BY-SA 2.0