Broadcasters and media companies seem to have become disenchanted with the capital city recently, preferring Media City in Salford Quays to London bases. Since the conception of Media City, broadcasting groups and journalism collectives such as the BBC and Channel 4 have rushed to bid on increasingly large areas of the property, with the majority of productions across the multi-network BBC now based in the North.
ITV chief executive Adam Crozier
However, it seems that not all British channel operators are as keen to wholly forego the convenience London offers, with ITV successfully purchasing its South Bank production site this week.
The facility has long been used as the headquarters and primary studio for the channel’s programming needs, having been built especially for ITV subsidiary London Weekend Television back in the 1970s.
Previously known as London Studios, it is now named the London Television Centre and offers the broadcasting company 22 floors of studios, editing suites and conference centres.
After relocating from its main premises on Gray’s Inn Road in 2009, ITV chose the former production centre as its main operations base for the future. It is currently home to such shows as Daybreak, Loose Women, This Morning, The Graham Norton Show and The Jonathan Ross Show.
ITV purchased the freehold, worth £56 million, to the 2.5 acre site after rumours that chief executive Adam Crozier was unhappy with the previous let agreement. As it stood, ITV was locked into a further 56 years of leasing the property with no scope for extensive renovation or a break clause to allow for an early exit from the contract.
The freehold was previously owned by Coal Pension Properties Ltd, and the sale was negotiated by agent LaSalle Investment Management. Under the terms of the sale, should ITV undertake any substantial redevelopment work in any area of the site during the next 10 years, Coal Pension Properties will make a further £6.5 million from the broadcasting company.
In a press release distributed by ITV following the completion of the sale, the company said; “The purchase gives ITV flexibility in its property strategy as it continues to transform and rebalance the company.
“It follows on from the decision to completely modernise and refurbish its offices and studio facilities in Leeds and to relocate its northern offices and studios in Quay Street, Manchester to Media City in Salford.”
While it seems that ITV are keeping its options open by cautiously venturing into Media City, London will now be the home of ITV productions for the foreseeable future.
