ITV Purchases London Headquarters

LONDON: ITV has bought all of London Television Centre, which is home to the company’s headquarters and studios on the South Bank.

The 2.5-acre center was purchased for £56 million from Coal Pension Properties. If there is any substantial redevelopment to the site within the next ten years, Coal Pension Properties could receive additional payments of up to a maximum of £6.5 million. Before purchasing London Television Centre, ITV had been in a 56-year lease on the 22-story tower and studio complex. The move allows ITV to follow on it decision to modernize and refurbish its offices and studio facilities in Leeds and to relocate its northern offices and studios in Quay Street, Manchester to MediaCity in Salford.