Peel secures funding for Media City UK

The Bank of Scotland has agreed a £360m financial package to fund Peel Holdings' Media City UK scheme in Salford Quays.

The funding will be used for the first phase of the scheme, which is scheduled for completion in December 2010 and will include:

· 224,400 sq ft of broadcast studios

· 535,000 sq ft of offices

· a 40,000 sq ft post production studio

· a three-star hotel with 206 bedrooms

· 371 apartments

· 35,000 sq ft of leisure and retail

· 2,000 car parking spaces

Media City UK will eventually be the new home of five national BBC departments employing 800 staff, as well as a host of other media and technology companies.

In a second coup for the development, Salford University is also close to signing a deal to relocate the arts, media and social studies faculty into 600,000 sq ft of study space which would be situated behind one of the three BBC blocks.

The Pie Factory television and film production facility run by a joint venture of Peel and Manchester-based production house Sumners opened on the site in February this year.

Main contractor Bovis started construction of the BBC offices in June. The BBC's three buildings, totalling 330,000 sq ft, will be built to meet BREEAM's 'excellent' rating for sustainability.

Cushman & Wakefield is the sole letting agent on Media City UK.