The BBC has begun the sale of Television Centre in west London in a move that is likely to raise hundreds of millions of pounds for the broadcaster.

The sell-off, plans for which first emerged in January 2007, could herald the end of nearly 50 years of broadcasting at the site.

However, the BBC is also prepared to consider other options, which would involve it retaining some presence at Television Centre. "The key objective for any sale or partnership is to maximise the value of the site to the BBC and licence fee payers," said the corporation in a statement.

A straightforward sale is likely to be quicker and easier but may not raise as much money in the long run as a joint venture, particuarly at a time when property values are depressed.

Last week MediaGuardian.co.uk revealed that the BBC was looking to market-test two options – selling the site to developers outright, or entering into a joint venture to establish a "creative quarter" or "BBC land"-style visitor attraction.

The corporation is vacating Television Centre by 2015, with its several thousand staff due to move to the refurbished Broadcasting House in central London or its new BBC North HQ in Salford.

Last spring the BBC unveiled proposals for a multimillion-pound redevelopment of the site to revitalise west London with a 23-acre "creative quarter".

Under the plan the BBC would sell Television Centre to developers but rent back some of the studios to continue making programmes at the site, and perhaps lease some space to house an orchestra.

The rest of the centre – parts of which are crumbling and likely to be demolished to make way for new buildings – could become home to independent production companies, other media organisations or performing arts companies.

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