A host of new tenants at Media City has led to revenues almost doubling for the Peel Group, the company that owns the site. Recently released figures show a jump in revenues from £9 million to £17. 1 million following a rapid increase in take-up since the BBC went live at the 36 acre Salford Quays development.
Alongside the BBC, which has taken 330,000 sq. ft, ITV is also in the process of relocating to Media City which is also home to over 80 small businesses. Between 2011 and 2012, 150,000 sq. ft. of space was let to a mixture of broadcasters, retailers, and other businesses. In addition the University of Salford took a further 100,000 sq. ft.
The Peel Group owns nine million sq. ft. of property and 33,000 acres of land throughout the UK. The group’s portfolio includes industrial and retail properties, serviced offices and business parks. Last year the company recorded a £29.3 million pre-tax loss largely due to the interest payments on the debt it took on to deliver Media City.
Given the corresponding fall in the value of commercial property, the rise in rental revenues will be welcomed by the company which has also announced that its Pie Factory studios at Media City had enjoyed its busiest year yet.
This has been helped by a rise in the number of TV and commercial productions on the three sound stages at the Pie Factory. These included the Royle Family Christmas special which attracted 9.9 million viewers.
The managing director of Media City, Stephen Wild, told the Business Desk that the success of the Pie Factory is a testament to the way Media City is evolving.
“Six years on it has built a reputation as the location of choice for TV and film productions, photo shoots and advertising campaigns, as well as a home for over twenty creative companies.”
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