Although the sale’s exact value is unknown, the BBC is currently trying to save £500 million a year. Elstree Studios is the collective name for the collection of broadcasting facilities in the Hertfordshire area, including Elstree Centre.
Axa Investment Managers and the BBC have exchanged contracts for the 16-acre site in Hertfordshire, which has seven stages in addition to office, workshop, and post-production facilities.
EastEnders will continue to film on the studio campus for the next 25 years, thanks to an agreement the corporation reached.
The complex known as Elstree Studios is made up of several similar buildings, the first of which was BBC Elstree Centre.
Although the sale’s exact value is unknown, the broadcaster is currently trying to save £500 million a year. It was reportedly seeking £70 million, as reported by the BBC.
The sale, according to BBC Chief Financial Officer Alan Dickson, was a part of the organization’s continuous evaluation of its real estate holdings to get the best deal for license fee 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 BBC completed rebuilding the EastEnders set two years ago for £87 million, which was £27 million over budget.
In collaboration with three film producers, Oscar-winning composer Hans Zimmer purchased the renowned Maida Vale Studios in London last summer.
Additionally, it was revealed in November that Newsnight would lose over half of its staff and be shortened by 30 minutes.
