News Int to sell Wapping site

News International is set to sell its Wapping site, the headquarters of its UK operations for 25 years.

The Times publisher announced the news today, a day before the second Select Committee hearing into the News of the World phone-hacking scandal.

Staff will be moved to Thomas More Square – new offices, across the road – by the end of the year.

“Taking into account the current property market and economic climate, we have decided to sell rather than redevelop the site and will remain in the TMS buildings for the foreseeable future,” a statement said.

The 15-acre site, which Rupert Murdoch paid around £300,000 an acre for in 1985, is now thought to be worth hundreds of millions of pounds.