The former BBC headquarters at Wood Lane, White City are being converted into high rise apartments that will host numerous homes and leisure facilities. The property was acquired by development group Stanhope back in 2012 for £200 million, on a 999 year lease. The development was part of the broadcasting company’s cost-reduction programme which saw a range of sectors and services relocated to the Greater Manchester area. Despite this there will still be a number of active studios incorporated into the new Television Centre development.
Plans reveal hopes for the creation of 800 homes, cafes and restaurants in the development, as well as an independent cinema.
Office space for of up to 5000 workers could also be a part of future plans, as well as the potential for a private members club.
The property is to be marketed in Dubai at an upcoming property show. Since the decline of the pound following Brexit, it is hoped that overseas investors will be encouraged by the reduction in value of sterling.
Although the development has been in the planning stage for several years, it is interesting and encouraging to note that there is still significant interest in investing in UK property despite Britain’s Brexit decision.
Despite fears by critics, it seems that Britain’s economy seems almost untouched by the decision to leave the European Union earlier this year. Having said this, the true effects of Brexit will not yet be seen until Prime Minister Theresa May triggers Article 50, beginning the legal process of leaving the union.
Buyers who are interested in purchasing homes in the luxury development will find that prices begin at around £700,000 for a one-bedroom apartment up to £8 million for a penthouse. It is estimated that phase 1 of the development, the competition of 432 homes, will be ready by 2018.