Deal to Cut BBC’s New Broadcasting House Running Costs by up to £34m
The BBC has completed a new financial deal which secures the long-term ownership and occupation of Broadcasting House beyond 2033 the term of its current leasing arrangement.
A significant proportion of the running costs of New Broadcasting House stem from a leaseback arrangement secured to redevelop the property.
This new property transaction will deliver value for money for generations. Rental payments will be fixed over the remaining lease period leading to a 15 per cent reduction in the current occupancy cost. An immediate reduction in cost of £10m a year will gradually increase to around £34m by the time the current leasing arrangement ends in 2033. This transaction ultimately paves the way towards outright ownership in 2045.