Peel Media, the company that owns and operates MediaCityUK on Salford Quays, saw £10m knocked off the value of its prize asset in the year to March 2011.
The firm, owned by Peel Group, was forced to take a total of £23.9m off the value of the scheme due to the stuttering investment property market, although recent additions to the site's value throughout the previous 12 months softened the blow.
The fact that several buildings finally became operational meant a £6m rise in administration costs for the firm, however.
All in all, the scheme was deemed to be worth £415.8m in March 2011, compared to £425.9m in April 2010. Peel Media made a pre-tax loss of £22.2m, although the site is still very much in its early stages.
MediaCityUK offers 780,000 sq ft of office space currently, and Peel Media said it was in dialogue with 'numerous companies across all aspects of media and retail'.
The company also saw turnover leap to £9m in 2011, compared to £2.5m in 2010, thanks to a number of new rent-paying tenants moving onto the site, including the BBC, which occupies 330,000 sq ft.
The current site covers 17 acres of the 36-acre first phase, and the Beeb will be joined by ITV Granada on MediaCityUK this year, which has taken 62,500 sq ft of office space.
The University of Salford also has a 100,000 sq ft building at the site, and a number of leisure tenants have moved in too, including casual dining chains Wagamama and Prezzo. The site also features brand new HD studios, one of which is home to the BBC Philharmonic Orchestra.