The BBC and its development partner Stanhope have set up a joint venture company, TVC Developments, to oversee the £1 billion redevelopment of the Television Centre and it's 14 acre site in White City, West London.

The BBC said yesterday that despite its iconic status, the centre was outdated and expensive.

The venture with Stanhope ensures it "extracts maximum value from the site as well as protecting its heritage".

Stanhope has outlined plans for a residential-led mixed use scheme including 1,000 new homes, a hotel and offices, which are designed by Allford Hall Monaghan Morris.

Stanhope, which is backed by Mitsui Fudosan UK and the Alberta Investment Management Corporation, has £50 million of development funding for the scheme from the Royal Bank of Scotland. Stanhope acquired a 999 year lease on the site from the BBC last July for £200 million.

Most of the buildings have been vacated as BBC staff are removed to premises elsewhere in London and Media City in Salford.

Studios One to Three will be refitted as "state of the art" studio space and will continue to be operated by BBC Studios and Post Production.

BBC Worldwide's new headquarters will be housed in a refurbishment of the Stage Six building fronting Wood Lane, with the internal works designed by HOK, which the BBC will lease back from 2015.

The listed buildings and the remodelled forecourt, frontage and elevation of Television Centre from Wood Lane would be retained, under the plans.

The 'inner ring' of Television Centre would be refurbished to provide space for a hotel and residential apartments. The current Stage Four and Five buildings would be refurbished to provide speculative office space.

The Television Centre site was the former site of the 1908 Franco-British Exhibition. It officially opened in June 1960 and was designed by the architects Norman and Dawbarn and appears to be like a question mark in shape.