Peel Holdings has secured £360m of funding from Bank of Scotland Corporate for its media city development in Salford, outside Manchester.

The bank, part of HBOS, will provide funding for the first phase of the 7m sq ft mediacity:uk where the BBC plans to relocate around 1,500 staff from London and 800 Manchester-based staff currently located at BBC offices on Oxford Road in Manchester city centre.

BBC Sport, Radio 5 Live and CBBC are among the BBC departments to be relocated at the 200 acre scheme.

First phase
The first phase, which is already under way, will comprise the development of 535,000 sq ft of office space, 224,400 sq ft of broadcast studios, a 40,000 sq ft post production studio, a 3 star hotel with 206 bedrooms, 371 residential apartments, 35,000 sq ft of leisure and retail space and 2,000 car park spaces. It is scheduled to complete in December 2010.

In addition to a new base for the BBC, the development will target other new media and technology industries, as well as provide retail, leisure and residential space. It is estimated that mediacity:uk will provide an injection of over £1.5bn into the regional economy.

Derek Bald, head of real estate north at Bank of Scotland Corporate, said: ‘The development of mediacity:uk represents an excellent opportunity for Bank of Scotland to support a highly valued customer in one of the most high profile and innovative developments in the UK.

‘Peel's track record in completing large scale regeneration projects is first class, and we're looking forward to partnering with them on this ambitious project. The presence of the BBC underpins this development and promises to act as a significant factor in the success of the whole scheme.’