Canada’s AIMCo has sold its stake in the second phase of the £500M redevelopment of the former BBC Television Centre to Japan's Mitsui Fudosan.

The scheme in White City, west London, will see a total of 511 homes built over four plots in its second phase, with a completion date of 2026 mooted.

Developer Stanhope will now work alongside Mitsui Fudosan on Phase 2, which it said will open up the site to local residents. The former broadcasting centre has been home to some of the UK’s most famous shows such as the annual Children in Need night.

The BBC has leased back some of the studio space and the wider development, White City Place, is shaping up to become a focal point for life sciences and creative industries in West London.

Stanhope, AIMCo and Mitsui Fudosan originally paid £87M for six buildings and 4 acres of land in 2015, planning to build up to 2.1M SF of office space on the site of the former world-famous TV studios.

Housing association Peabody has begun work on 142 affordable homes in two new buildings at Television Centre, which are expected to be delivered in 2024.

AIMCo remains a co-owner alongside Mitsui Fudosan of Phase 1, which includes Soho House, the Helios residential building, 2 Television Centre and 1 Wood Crescent, and which is currently under construction. The first phase has attracted office occupiers including Publicis, the White Company and Soho Works.