Media City is up for sale or at least fifty per cent of it is.
Peel Holdings have announced that they have sold 50 per cent of their stake in the venture to Legal and General Capital although they will still stay in control of its future development and asset management.
According to the group, the transaction is a significant milestone reflecting the growing maturity of MediaCityUK and the wider community anchored by it at Salford Quays.
Steven Underwood, Chief Executive of The Peel Group, said “We are delighted to welcome LGC as Peel’s partner at MediaCityUK and look forward to working together during the next stage of its development. Legal & General’s focus on regeneration and long history of investing in UK property makes them an ideal partner. Both groups share a complementary approach to property investment, focusing on regeneration, place making and long-term value creation. We are both committed to MediaCityUK’s continued growth as a major destination for business, residential living, retail and leisure over the coming years.”
Said to be worth over £500m, MediaCityUK is the largest purpose-built creative, digital and technology community in Europe.
It comprises a 37 acre freehold site, encompassing studios, office accommodation, incubator space, residential, hotels, retail and leisure facilities. In total, the estate offers approximately 1.6 million sq ft of built accommodation, anchored by the BBC, ITV and the University of Salford.
It is also home to over 200 other businesses including dock10, the UK’s largest independent studio and post-production facility, and a number of retail and leisure occupiers.
The complex is seen as Peel’s Jewel in the crown, especially after it sold the Traffird Centre back in 2011.The Company, run by John Whiticker from his base in the Isle of Man, has interests in over three hundred companies across the North of England.
Their current big project is to transform 50 miles of bleak industrial land between the Port of Liverpool and Salford Docks into a £50 billion redevelopment called “Ocean Gateway”. The scheme, which will take at least five decades to complete, will include a £5.5 billion overhaul of the city’s waterfront with 50 skyscrapers, four hotels, a marina and a cruise liner terminal.