Slaughter and May, working as an integrated team with ITV's legal team, advised ITV on the acquisition of the freehold of London Television Centre, home to the company’s headquarters and studios on the South Bank.

The company has purchased the 2.5 acre site for £56 million from Coal Pension Properties Ltd. 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.

Prior to the purchase, ITV was locked into a 56-year lease with no breaks on the 22-storey 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. 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 MediaCity in Salford.
 
Contacts

Real Estate: Dermot Rice (partner), Samantha Brady (associate); Corporate and Commercial: Paul Dickson (partner), Henry Gladwyn (associate); Tax: Gareth Miles (partner), Richard Jeens (associate)

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