An £87m property deal between the BBC and developers Stanhope and Mitsui Fudosan has kicked off the next phase of development at White City Place in west London.
The BBC sold 1.6 ha of freehold land and the lease of six buildings to the developers as part of its ongoing plans to reduce the size and cost of BBC buildings.
Under the deal, the corporation will continue to occupy three of the buildings, with the remaining three fully refurbished by Stanhope and Mitsui Fudosan and brought back to the market from late 2016.
The new development will total 600,000 sq ft and provide buildings with a range of tenancy types and sizes.
The deal is the latest step in a phased move away from west London by the BBC that began in 2011.
It aims to save more than £75m a year on property costs by 2017.
Last year, Stanhope and Mitsui Fudosan bought the BBC Television Centre, which is being redeveloped into 500,000 sq ft of offices, 950 new homes, three BBC studios, the BBC Worldwide HQ and a branch of Soho House.
The developers chose Mace ahead of Lendlease as construction manager for the project, believed to have a construction value of around £400m.
The deal raised £200m for the BBC and cut annual running costs by £30m.
Stanhope chief executive David Camp said: “White City Place will become the commercial heart of White City.
“Together with Television Centre, we will be delivering close to 2m sq ft of office space and nearly 1,000 new homes over the next five years.
“Alongside the BBC studios and Soho House at Television Centre, the John Lewis store opening in 2018 and the Imperial West campus on Wood Lane, White City is fast becoming the place to be.”