News International to sell Wapping
Monday 05 September 2011
News International is to sell its Wapping site, the newspaper publisher said today.
Its stable of titles will be entirely relocated to its neighbouring Thomas More Square base, in east London.
In a statement, the company said "current market conditions" led to a decision "not to proceed with re-modelling the Wapping site".
It said: "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."
News Corporation, the parent company of News International, announced it was refurbishing 'Fortress Wapping' in September 2008.
It planned to create a "new campus" for its UK businesses, including News International, Harper Collins, MySpace, Dow Jones and Fox and it was envisaged the project would be completed in 2012.
At the time, James Murdoch, the boss of News Corporation's UK arm, said: "Wapping is not only important as a physical site, but also it is a symbol of how bold individuals, working together, can advance the world of media and thereby contribute to life in Britain."
News International, which publishes The Times, The Sunday Times and The Sun, transferred to the historic site in 1986, a move credited with helping to transform the newspaper industry.
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