Why is the BBC selling Television Centre?
To raise money – and save money. The BBC is hoping the sale of the 14 acre Television Centre site on Wood Lane in west London to a commercial property developer will generate significant income – £300m has been touted. This cash will come in handy as the BBC makes cost savings required by a six-year licence-fee freeze, which will see its income cut by 16% in real terms. The BBC owns a number of large premises around the UK and aims to find some of these savings by reducing the size of its property portfolio by 30%. It is estimated that vacating TV Centre will save £20m a year.
Also, times have changed. When TV Centre opened in 1960, programme-making was more studio-based, requiring purpose-built facilities to house cameras and other bulky equipment necessary for the process.