BBC moves to sell Television Centre

BBC has taken the first steps towards selling Television Centre, home to BBC Vision and BBC News, a move that could fetch as much as £300 million ($490 million) at a time when the media organisation is under pressure to cut costs, writes The Wall Street Journal.

The corporation initially decided to sell Television Centre in 2007, just before the economic downturn, but only in November appointed commercial property consultants Lambert Smith Hampton to market the doughnut-shaped centre and several other buildings occupying a 14-acre site in London.

According to Reuters, the BBC has invited potential buyers to register interest by 1 July. Parts of Television Centre, including its main circular building known to staff as the doughnut, won Grade II listed status in 2009, meaning any move to develop or refurbish the site would be subject to planning permission.

However, the Guardian reports that the BBC is also prepared to consider other options, which would involve it retaining some presence at Television Centre. “The key objective for any sale or partnership is to maximise the value of the site to the BBC and licence fee payers,” said the corporation in a statement.

A straightforward sale is likely to be quicker and easier but may not raise as much money in the long run as a joint venture, particularly at a time when property values are depressed.