U.K. Broadcaster ITV Buys London Television Centre

The commercial broadcaster pays $88 million for the building on London's South Bank.

LONDON -- U.K. Commercial broadcaster ITV has acquired freehold ownership rights to the London Television Centre, home to the company's headquarters and studios on London's South Bank.

The London Stock Exchange-listed company has purchased the 2.5-acre site for £56 million ($88.17 million) from Coal Pension Properties, whose agent on the sale was LaSalle Investment Management.

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Should there be any substantial redevelopment of the site in the next 10 years, Coal Pension Properties may receive additional payments up to a maximum of £6.5 million ($10.23 million). 

Prior to the purchase, ITV was locked into a 56-year lease with no breaks on the 22-story tower and studio complex, which was purpose built in the early 1970s for London Weekend Television.

The purchase "gives ITV flexibility in its property strategy as it continues to transform and rebalance the company," the company said.

The deal follows ITV's decision to completely modernize and refurbish its offices and studio facilities in Leeds and to relocate its northern offices and studios from Quay Street, Manchester to MediaCity in Salford.