Joint developers Stanhope and Mitsui Fudosan UK intend to reconstruct BBC’s Media Village site in west London and set up White City Place at the site.
Sold for £87m, the property, which previously housed the television headquarters for the broadcasting firm, will be re-launched onto the market by 2016.
The sale of four acres freehold land and the lease of six buildings is in-line with BBC’s efforts to save an excess of £75m every year on property costs by 2017.
The BBC will retain three of the six buildings on the 17-acre site, whereas Stanhope and Mitsui Fudosan will fully refurbish White City One, Media Centre and Garden House.
Buildings will be upgraded to offer a ‘thriving and lively urban business environment’, the developers said.
Stanhope and Mitsui Fudosan intend to redesign the property in order to attract ‘a wide range of creative industries.’
Mitsui Fudosan UK managing director Hideto Yamada said: "The White City Opportunity Area covers 110ha, which will see a significant and exciting amount of development come to fruition over the coming years, ensuring a full transformation of the area.
"White City Place will be designed to appeal to young and growing businesses and retailers, creating a fresh and vibrant business destination in west London.
"We are delighted to add this iconic asset and to our growing London portfolio; the acquisition reflects Mitsui Fudosan’s long-term commitment to expand our investment strategy to strong markets outside of Japan."
Stanhope chief executive David Camp said: "White City Place will become the commercial heart to White City.
"Together with Television Centre, we will be delivering close to two million ft² of office space and nearly 1,000 new homes over the next five years.
"Alongside the BBC studios and Soho House at Television Centre, the John Lewis store, opening 2018, and the Imperial West campus on Wood Lane, White City is fast becoming the place to be."
Image: Existing Media Village site in West London, UK. Photo courtesy of Stanhope Plc.