Downing sale marks fruitful three months

The BBC moved to a new HQ in St Peter's Square, Quarry Hill, Leeds, in late 2004. The BBC's former home has enjoyed a new lease of life as Broadcasting Place, which stands next to listed Broadcasting House.

Property group Downing yesterday revealed that it had completed the 37.65m sale of Broadcasting Place.

Aviva has acquired the 111,000 sq ft commercial scheme, which is entirely let to Leeds Metropolitan University on a 22-year lease, from the Liverpool-based company.

Paul Houghton, development director at Downing, said: "This strategic disposal marks the culmination of a very fruitful three months for Downing."

The firm recently completed the 32.5m sale of the first phase of its Downing Plaza scheme in Newcastle

He added: "There is no doubt that this will be another tough year for the industry. However, the successful conclusion of these deals means we are in a strong position to take advantage of the significant opportunities presented by changing market conditions."

Broadcasting Place was completed in July 2009. It was designed by Stirling Prize-winning architects Feilden Clegg Bradley.

Downing has retained ownership and management of the student accommodation element of the scheme, the 23-storey Broadcasting Tower which has 241 student residences.