Tue, 06 Sep 2011 | BUSINESS SALE
News International's base in Wapping, East London, is to be sold following a 'strategic review' of the newspaper business' property portfolio.
Owner of News International, Rupert Murdoch, has scrapped original plans to carry out an extensive renovation and remodelling of the prime London site, in favour of putting it up for sale.
The historic commercial premises has housed Murdoch's publications – which include The Times, The Sun and The News of The World, prior to its closure earlier this year – since the 1980s.
Already, the vast majority of the business and its staff have moved to the nearby base at Thomas More Square in anticipation of the sale of Wapping.
The Thomas More Square site offers the company the extra capacity it needs, especially following the closure of The News of The World, which opened up more free space at the site.
According to the City AM, sources close to Murdoch have revealed that the sale of the Wapping site is based 'purely on commercial reasons.'
This is not the first time that the Wapping site has been put up for sale – the last attempt to find a new buyer was made in 2008, when the price tag was said to be around £200 million. However, News International quickly abandoned the sale, announcing instead that it would move its staff from other locations to Wapping.
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