BBC to sell EastEnders set at Elstree as part of deal to make savings

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The BBC is selling its Elstree Centre – including the famous EastEnders set – as it continues to find ways to make millions in savings.

The BBC has exchanged contracts with Axa Investment Managers for the 16-acre site in Hertfordshire, which includes seven stages as well as workshop, office and post-production facilities.

However, the corporation has agreed to lease part of the studio campus for 25 years – meaning EastEnders will still be filmed on site.

BBC Elstree Centre was the first of several similar complexes in the area, which are collectively known as Elstree Studios.

The value of the sale has not been revealed, but the broadcaster is currently looking to find £500m in annual savings. It was reportedly looking for £70m, according to a BBC news report.

Alan Dickson, the BBC’s chief financial officer, said the sale was part of an ongoing review of the BBC’s property portfolio in order to provide the best value for licence 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 said.

“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 finished rebuilding the EastEnders set at a cost of £87m, which was £27m over budget.

Last summer, Oscar-winning composer Hans Zimmer bought the corporation’s famous Maida Vale Studios in London in a partnership with three film producers.

And in November it was announced that Newsnight was being cut by 30 minutes and losing more than half its staff.