Japan-owned investor-developer Mitsubishi Estate London has found a stop-gap tenant for the ITV Studios on London's South Bank while it waits to redevelop the asset.
Mitsubishi bought the 1970s-era tower block from UK broadcaster ITV in November for £145.6 mln (€160.6 mln) in partership with London development experts CO—RE, with plans to demolish the property.
Yuichiro Shioda, managing director of Mitsubishi Estate London, said: 'Although we have an ambitious long-term vision for the scheme, our management of the building in the near-term is no less important. As such, this recent letting is a significant step and a positive start to our relationship with CO—RE and our wider development plans.'
Working with Hopkins architects, ITV had already gained permission from Lambeth Council to replace the existing structure with two commercial-led towers of 31 and 14 storeys. A five-year development term had been mooted for this plan creating 44,400 m2 of offices, 3,600 m2 of television studios, 210 m2 of retail space and 213 homes.
But the increased height of the scheme had attracted a number of complaints from conservationists.
Architects Journal recently reported that Mitsubishi is now in talks with Make Architects and Arup on a new design.
In its latest annoucement, Mitsubishi noted that 'whilst plans are still being finalised, The London Studios will likely be transformed into a modern, exceptionally well-designed scheme that centres around a strong commercial office offering. The redevelopment will contribute to both the local community and the cultural focus of the area'.
Temporary tenant
The lease deal sees recruitment agency Annapurna take over the ninth floor of the 25-storey office building until at least June 2021, with rolling break clauses thereafter to facilitate the future redevelopment of the site.
Bradley Baker, director of CO—RE, said: 'This letting to Annapurna is a very positive start to our short-term flexible leasing initiative and is illustrative of the attraction of the site’s peerless riverside location.'
The deal marks CO—RE and Mitsubishi Estate’s first new letting at the 10,100 m2 site since the outbreak of Covid-19.
During the peak of the pandemic, the car parking facilities on the site were donated to local Guy’s and St Thomas’ Hospital for their staff to use for free.
