Almost 1,000 new homes will be built on the site, but corporation will continue to use studios there

For more than 50 years the famous dotted wall at BBC Television Centre has proudly displayed the corporation's logo, signalling to the world that it is the home of some of television's biggest hits, from Fawlty Towers to Only Fools and Horses.

But on Saturday the corporation carefully removed the huge letters from the wall, turned off Television Centre's broadcast signal and officially handed over its former west London headquarters to developers six months ahead of schedule. It marked the end of an era for a building familiar to generations of television viewers.

Designed in the shape of a question mark by architect Graham Dawbarn and officially opened by the Queen in 1960, the famous brick frontage and "atomic dot" wall provided a backdrop to shows from Blue Peter to Children in Need. The corporation decided to sell Television Centre for £200m in 2012 to developer Stanhope and move staff to the redeveloped Broadcasting House in central London and MediaCity in Salford, as part of a plan to save money and make the corporation less London-centric.

Stanhope will build around 950 new homes on the 14-acre site – to be known from now on just as Television Centre – along with a new branch of members' club Soho House, plus offices, restaurants, cafes and shops.

Parts of the site, such as the wall and famous "doughnut" centre, are listed and will be retained, but the plans include opening up the area in front of Television Centre to create a giant public piazza which will be similar in size to Trafalgar Square.

Although the BBC no longer owns Television Centre, it will retain a presence, having taken out leases of around 15-20 years for a fifth of the site, including three studios, dressing rooms and offices for its commercial arm, BBC Worldwide. "It's the changing of the guard," said Chris Kane, head of BBC commercial projects. "Television Centre is moving into a new chapter, it is going into an intermission almost, releasing an enormous amount of capital value for the BBC. But also the BBC coming back in is a tangible demonstration of a new BBC."

The corporation stopped making programmes and moved production staff out of Television Centre last year but it has kept a broadcasting signal going there as a back-up.

Kane said it had been "no mean feat" removing all the BBC's possessions from the building after 50 years of occupation: "When you're selling a house you just turn the key, move out and hand over. Not here."

As well as desks and office equipment, more than 5,000 electrical circuits were disconnected and more than 4,000 pieces of broadcasting equipment, worth around £4m, have been redeployed around the BBC.

There will be an auction in November of equipment and memorabilia such as the Match of the Day set, a Doctor Who backdrop and photos of celebrities such as Morecambe and Wise.

A previous auction held in June raised around £90,000. Featured items included desks used on the set of Newsnight.