ITV has put its South Bank studios up for sale, axing plans to move back after its five-year development.
The site in South Bank has previously been the broadcaster’s headquarters for over 40 years and is home to the show Upstairs Downstairs.
ITV vacated the building last year in what was supposed to be a temporary move and relocated in offices in Holborn.
The move comes after plans unveiled in July by the new chief executive Carolyn McCall, who planned to cut costs as part of a strategy overhaul in July.
“ITV needs to ensure that its property portfolio in London supports the new strategy by giving flexibility to continue to grow, while supporting our ambition to be an agile and increasingly digital organisation,” said a spokesperson.
“By remaining in our current London office and studio spaces we can focus more time and resource on the areas of the business which will deliver greatest value.”
Analysts at Liberum have estimated that the sale of the South Bank location could net ITV as much as £245 million. ITV bought the South Bank studios for £56 million in 2013 from Coal Pension Nominees.
Shares in the group (LON: ITV) are trading at 159,30 (0911GMT).
