The BBC is promoting its Elstree Centre - together with the well-known EastEnders set - because it continues to search out methods to make thousands and thousands in financial savings.

The BBC has exchanged contracts with Axa Investment Managers for the 16-acre website in Hertfordshire, which incorporates seven phases in addition to workshop, workplace and post-production amenities.

However, the company has agreed to lease a part of the studio campus for 25 years - that means EastEnders will nonetheless be filmed on website.

BBC Elstree Centre was the primary of a number of comparable complexes within the space, that are collectively referred to as Elstree Studios.

The worth of the sale has not been revealed, however the broadcaster is at the moment seeking to discover £500m in annual financial savings. It was reportedly on the lookout for £70m, in accordance with a BBC information report.

Alan Dickson, the BBC's chief monetary officer, stated the sale was a part of an ongoing evaluate of the BBC's property portfolio with the intention to present the very best worth for licence payment payers.

"As part of the sale, the EastEnders site has been secured on a long-term lease and Elstree will continue to be the home of Albert Square," he stated.

"Moreover, AXA's investment ensures the Elstree site remains a fantastic asset for the UK's creative economy."

The sale comes two years after the BBC completed rebuilding the EastEnders set at a price of £87m, which was £27m over funds.

Last summer season, Oscar-winning composer Hans Zimmer purchased the company's well-known Maida Vale Studios in London in a partnership with three movie producers.

And in November it was introduced that Newsnight was being lower by half-hour and dropping greater than half its employees.

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BBC Elstree Centre was initially created as a movie studio for Neptune Films in 1914 and transformed to be used as a tv studio in 1960.

It was bought to the BBC in 1984 because the manufacturing base and set to launch EastEnders and has beforehand been used for reveals together with Children In Need, Casualty, and Top Of The Pops.

The wider Elstree Studios is without doubt one of the world's most well-known movie and tv manufacturing campuses on the planet, the place blockbusters reminiscent of Star Wars have been filmed, and isn't included within the sale.

John O'Driscoll, international co-head of actual property at AXA IM Alts, stated the corporate aimed to proceed the legacy of manufacturing "celebrated films and television series".

"With the signing of BBC Elstree Centre we will be acquiring one of the oldest working TV and film studios in the UK, with a history dating back almost 110 years," he stated.

"The structure of the transaction allows the BBC to continue its production on the site for at least another 25 years, while providing us with the opportunity to invest in the site to create new world-class studios."

Mr O'Driscoll stated the transfer was "underpinned by increasing demand from an ever-broader array of production houses, content creators and broadcasters", coupled with a restricted provide of high-quality trendy movie and manufacturing house, "particularly in and around London where new construction is hindered by a lack of available land in the right locations".

Content Source: information.sky.com