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Mitsubishi Estates Acquires ITV's Southbank Site

29 November 2019

Originally seeking offers in excess of £150m, the ITV site on the South Bank has now changed hands for £145.6m.

The UK branch of Japanese property company Mitsubishi Estates bought the site with plans to develop it into a 'landmark project 'in an all-cash deal.

In a statement, ITV said that completion of the sale is expected to occur by the end of November.

Part of net proceeds of the sale of the South Bank site, will be used to replace the asset security, and the remaining sale proceeds used to reduce ITV's net debt.

London property market – monthly update, November 2019

Land registry data (UK HPI)

Monthly change 12 month

England £250,667 -0.1% +1.0%

London £474,061 -0.1% -0.4%

Kensington and Chelsea £1,229,175 -1.6% -11.4%

City of Westminster £897,094 -0.7% -12.3%

Commentary

• England house prices grew by 1.0% in the year to September 2019, up slightly from 0.9% in August 2019.

• The North West was the fastest growing region in the UK with annual growth of 2.8%.

• The lowest annual growth was in London, where prices fell by 0.4% over the year to September 2019.

• The average property price in Islington is now £661,003 representing an annual increase of 0.1%.

• In September 2019, the most expensive area to purchase a property was Kensington and Chelsea, where the average cost was £1.2 million. In contrast, the cheapest area to purchase a property was Burnley, where the average cost was £85,000.

This article is provided by Burlingtons for general information only. It is not intended to be and cannot be relied upon as legal advice or otherwise. If you would like to discuss any of the matters covered in this article, please contact Nicholas Portelli or write to us using the contact form below.

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