The BBC has announced the sale and sublet of its Media Village site in West London.

The broadcasting company will receive £87 million for a land sale totalling four acres to Stanhope and Mitsui Fudosan.

The agreement also includes the lease of six buildings, three of which will continue to be occupied by the BBC.

The other three vacant buildings, White City One, Media Centre and Garden House, will be fully refurbished into one site, White City Place.

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Plans include to develop the buildings into types and sizes of tenancies totalling 600,000 sq ft.

David Camp, Chief Executive of Stanhope, said: "White City Place will become the commercial heart to White City. Together with Television Centre, we will be delivering close to two million sq ft of office space and nearly 1,000 new homes over the next five years."

Hideto Yamada, Managing Director of Mitsui Fudosan UK, said: "The White City Opportunity Area covers 110 hectares 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."

(LM)