Peel secures £360m media city funding deal

Nov 14 2007 by Tony McDonough, Liverpool Daily Post

LIVERPOOL John Lennon Airport owner Peel Holdings has secured a deal worth £360m with Bank of Scotland Corporate to fund the development of the UK's first world-class media city.

Based in the heart of Salford Quays, just outside Manchester city centre, mediacity:uk will become the new home to the BBC with the relocation of approximately 1,500 staff from London and 800 staff currently located at BBC offices on Oxford Road, Manchester.

BBC Sport, Radio 5 Live and CBBC are among the BBC departments to be relocated.

As well as providing a new base for the BBC, mediacity:uk will also house businesses from across the new media and technology industries, bringing them together with universities and skills providers to help position the UK at the forefront of the growing worldwide new media market.

The funding package provided by Bank of Scotland Corporate's Real Estate team, will be used to fund the first phase of the development.