Peel Holdings has secured £360 mln. (approx. 474.3 mln.) of funding from Bank of Scotland Corporate for its media city development in Salford, outside Manchester.
Salford's Media City
The bank, part of HBOS, will provide funding for the first phase of the 7 mln. ft² (approx. 648,000 m²) mediacity:uk where the BBC plans to relocate around 1,500 staff from London and 800 Manchester-based staff currently located at BBC offices on Oxford Road in Manchester city center.
BBC Sport, Radio 5 Live and CBBC are among the BBC departments to be relocated at the 200 acre scheme.
The first phase, which is already under way, will comprise the development of 535,000 ft² of office space, 224,400 ft² of broadcast studios, a 40,000 ft² post production studio, a 3 star hotel with 206 bedrooms, 371 residential apartments, 35,000 ft² of leisure and retail space and 2,000 car park spaces. It is scheduled to be completed in December 2010.
In addition to a new base for the BBC, the development will target other new media and technology industries, as well as provide retail, leisure and residential space. It is estimated that mediacity:uk will provide an injection of over £1.5 bln. (approx. 1.98 bln.) into the regional economy.
Source: Property Week