The BBC has sold and sublet the Media Village site in West London that was previously the home of the former BBC Technology and BBC Broadcast.

Under the deal with Stanhope and Mitsui Fudosan the BBC will receive £87 million for the sale of four acres of freehold land and the lease of six buildings, three of which will continue to be occupied by the BBC. The BBC will make annual savings of £33 million (€44.89 million. It’s on course to save £75 million a year on property costs by 2017 – an increase of £19 million from original targets.

Anne Bulford, Managing Director of BBC Finance and Operation, says: “The BBC is determined to work out of the minimum number of buildings possible whilst still representing the audience it serves.”

The site will now be known as White City Place. It’s sale means the corporation will have reduced its property footprint by 40% since 1998.

Of the three buildings being vacated by the – White City One, Media Centre and Garden House – will be fully refurbished and brought back to the market from late 2016.

Neighbouring Television Centre was left by the BBC last year. The corporation’s departure raised £200 million and cut annual running costs by £30 million. The BBC vacated the White City One building of Media Village in March 2013

The BBC remains under pressure to reduce costs amid a hold on the licence fee and uncomfortable mood music from the recently elected conservative government.