Discovery's new home in Chiswick

SATELLITE television outfit the Discovery Channel is moving its headquarters from Great Portland Street to newly-built Chiswick Park, a fast-growing media hub, in west London's biggest new letting for more than a year.

Discovery told its staff yesterday of the intended move, which means Discovery will quadruple its European headquarters to 100,000 square feet and ditch overflow space it had taken at the The Media Centre in Great Titchfield Street.

The move is a setback for property developer Great Portland Estates, owner of 160 Great Portland Street where Discovery had been since 1996 and still has a further five years on its lease.

Great Portland has spent the past two years under new chief executive Toby Courtauld refurbishing its estate, managing on several occasions to tempt existing tenants to renew long leases with incentives of up to 36 months rent-free.

Another loser from the Discovery move is Paddington Basin, the part-built offices and retail development owned by Chelsfield.

Discovery held talks with Paddington Basin tenant Orange, which has been trying to sub-let several floors of its 235,000-square foot Point building for more than a year after ditching plans to move its headquarters there.

Discovery, headed in Europe by Robin Paxton, is thought to have secured a knockdown rent of less than £30 a square foot including a long rent-free period for a 15-year lease from Chiswick owner Stanhope. Cushman & Wakefield advised Discovery. Jones Lang LaSalle and FPD Savills advised Stanhope.