Viewers will not notice a difference but it will provide a large injection of cash to the BBC’s balance sheet to help towards its annual £500 million savings target. The recent re-build of Albert Square was reportedly £27 million overspent and two years late so to be able to recoup that loss will be very welcome. The financial details of the deal with insurance giant Axa have not been disclosed but it is understood to be around £70 million. Regarding the sale ,” chief financial officer Alan Dickson said
“The sale of the Elstree Centre site is part of an ongoing review of the BBC’s property portfolio in order to provide the best value for licence fee payers
“As part of the sale, the EastEnders site has been secured on a long-term lease and Elstree will continue to be the home of Albert Square.”
The sale of the 16 acre studio complex enables the BBC to leaseback part of the site for at least 25 years whilst according to Axa they will invest in the studios complex already existing on the site.
The BBC has also recently sold Maida Vale studios and will be vacating Wogan House, which they have been leasing, as part of BBC facilities in central London. This involves the BBC Club re-locating to New Broadcasting House. They hope they will re-open in their new location in April.
