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News International puts 15-acre Wapping site up for sale

News International puts 15-acre Wapping site up for sale

News International announced yesterday it is putting the “Wapping site up for sale” at an estimated £200m.

Editorial and production staff began relocating to Thomas More Square in stages from September 2010 and will complete their move by December 2011.

But Thomas More Square is still in Wapping, E1W.

The big news for us is the decision to abandon “re-modelling” of the old site, which promised to regenerate Wapping with a museum, restaurants, retail units and 4,300 new jobs by 2013.

Looking back – on 17th November 2009 News International announced it welcomed the decision by the Tower Hamlets Strategic Development Committee granting planning permission for the re-modelling of the main building at its historic site in Wapping.

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News International site is now up for sale

 

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News International site at Thomas More Square in Wapping

 

Read the full version of the brief press release News International issued yesterday below:

Press release: “News International to sell Wapping site”

News International today announces it is putting its Wapping site up for sale. The decision to sell the 15-acre site follows a review of News International’s London property portfolio.

The majority of News International’s Wapping-based editorial and commercial staff have now relocated into Thomas More Square with the remainder to be relocated by the end of 2011. Thomas More Square provides the company with excellent facilities and flexibility. As a result, and in light of current market conditions, News International has decided not to proceed with re-modelling the Wapping site.

What next for the old News International Wapping site?

At an asking price of £200m it might take a while to sell the 15-acres site, although Reuters reported yesterday that London property developer Marcus Cooper is interested in acquiring it for a “major mixed use redevelopment”.

Interestingly, the 2008/9 redevelopment plans refer to a 20-acre site, but this may just mean that News International is keeping 5 acres for their related businesses here?

One thing’s for sure – with international news coverage of the sale we’ll be sure to find out about any new planning applications or change of use!

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  • Paul W. Dunne

    It is a shame to see News International sell the Wapping site, but as long as the next owner develops it in the best interest for the local community. Also Tobacco Dock development needs to be resurrected as it is wrong that this area is not being utilised.