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ITV abandons the South Bank

(February 2017)

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JO
Jonwo
So if the plans have been throw out does this mean, were see a new set of idea in 2019 I dare say we're see two two blocks for apartments?

Depends what the council wants. They probably wouldn't like it being purely housing as it doesn't bring as much to the economy as a mixed use development. The impact on the area of losing a big commercial complex will be quite high, plus it's a popular tourist area.


I imagine they'll likely keep some of it as office space and perhaps leisure and retail.
WH
Whataday Founding member
Jonwo posted:
It wouldn’t be a shock if they sell the building but lease it back for offices and studios

Which would be quite ironic given that they originally leased it for around 40 years before purchasing it just 5 years ago.


Although I think it was clear they bought themselves out of the 56 year lease in order to give themselves more flexibility in what to do with the building. The lease had far too many restrictions.

When planning was granted to redevelop the site last year, a lot of it hinged on ITV remaining on site, so I'd imagine this is going to be a long drawn out process.
JO
Jonwo
As others have mentioned, ITV probably will want to have its own HQ in the future, didn't they look at Chiswick and Stratford at one point?
TR
TROGGLES
From a BBC Worldwide perspective, they have got ITV by the wotsits & can ask any price for studio hire of TC's 2&3.
KE
kernow
From a BBC Worldwide perspective, they have got ITV by the wotsits & can ask any price for studio hire of TC's 2&3.


The advantage to BBC Studios is that they've currently got a guaranteed source of income through continuous occupancy, together with reduced overheads.

If they push the prices up too much, they risk ITV leaving, resulting in TC2 and TC3 having no regular occupancy, and therefore no guaranteed levels of income.
RK
Rkolsen
Is there a possibility of ITV selling to a developer and then buy back portions of the building in a condominium type deal (like NBC) ? I know condos aren’t typical in the UK but to make it short you own the property (either seperate buildings or shared building), but not the common areas, maintenance and other things are charged for. By owning the spots you can do what you want.

NBC actually despite having 30 Rock built for them in the radio age leased 30 Rock until the mid 90s when they bought about 40-50 floors of the building. The rest are owned by the property management company. Owning the spaces allowed them to completely rebuild their spaces, open floors and build new studios.
YO
yogibarney
Is there a possibility of ITV selling to a developer and then buy back portions of the building in a condominium type deal (like NBC) ? I know condos aren’t typical in the UK but to make it short you own the property (either seperate buildings or shared building), but not the common areas, maintenance and other things are charged for. By owning the spots you can do what you want.


We don’t quite have that type of ownership here in the UK.

The closest would be Commonhold which are extremely rare. So rare that most lenders don’t like lending on residential flats that are part of a Commonhold development but that’s for a different website to discuss that aspect.
CA
Cando



Planning permission increases the price hugely. Once you've been given it once for a site, new owners are about 99% guaranteed to get it again.
I always had a feeling that ITV had no real intention of returning.
MD
mdtauk
Wasn't the intention to maintain some working studio space there after the rebuild takes place? Has that now changed?

EDIT: I just went back a few pages, I see money was too tempting.

London has now permanently lost studio facilities. I wonder if some commercial entity will consider building new studios somewhere to make up the shortfall? I could imagine someone like Netflix or YouTube thinking about it, as a revenue stream, and for their own uses in the future?
Last edited by mdtauk on 9 October 2018 7:22pm
AJ
AJ
'2017 - Skype is subleasing the 90,000 sq ft space in Waterhouse Square to ITV while they refurbish their headquarters in South bank.'

I can't imagine that will be a permanant thing.


The office space in Waterhouse Square is very much surplus to Skype's requirements nowadays. When I worked there, they reduced their office requirements from 3 floors down to 1, before moving in with Microsoft over in Kingdom Street in Paddington (Nokia's old UK base) and subletting to ITV.

I can't see that Microsoft would have a desire to move back in given they've scaled down the UK Skype operation massively.
IS
Inspector Sands
From a BBC Worldwide perspective, they have got ITV by the wotsits & can ask any price for studio hire of TC's 2&3.


The advantage to BBC Studios is that they've currently got a guaranteed source of income through continuous occupancy, together with reduced overheads.

It's not BBC Studios or BBC Worldwide, the studios are run by BBC Studioworks
IS
Inspector Sands
Wasn't the intention to maintain some working studio space there after the rebuild takes place? Has that now changed?

Yes, but only for the daytime shows, and two of the 'studios' were office space
Quote:
London has now permanently lost studio facilities. I wonder if some commercial entity will consider building new studios somewhere to make up the shortfall? I could imagine someone like Netflix or YouTube thinking about it, as a revenue stream, and for their own uses in the future?

This decision today just probably takes out TC2 and TC3 for a bit longer. It doesn't reduce the studio pool from what there is today. Riverside reopens next year which will add a much needed studio.

The likes of Netflix and YouTube don't need TV studios. Their productions use film techniques, so use 4 wallers and sound stages

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