Cash Generation
Client: BBC
Project: Sale of redundant asset
Commercial Imperative:
BBC Worldwide relocated from their 1970s campus site in October 2008 leaving BBC Workplace to dispose of the redundant 260,000sqft office in the depths of the property recession. The vacant offices were attracting significant holding costs and therefore the imperative was to dispose of the property quickly at the best realisable figure.
CPA Role:
Corporate Property Advisers, acting for the BBC, supported the in house team in carrying out extensive due diligence of the site, fully appraised the options for net proceeds maximisation and with external agents Jones Lang Lasalle identified a limited number of potential special purchasers.
The Result:
Following a competitive bidding process the site was sold unconditionally in August 2009 for £28m to Imperial College, considerably in excess of recent development valuations. Full proceeds were delivered within 4 weeks of exchange. The BBC were delighted to attract a prestigious educational establishment as a further catalyst for their regeneration plans for the entire W12 area.
