Writedown pushes Peel Media to a loss

PEEL Media the company overseeing the development of MediaCity at Salford Quays made a pre-tax loss last year largely due to a writedown on the valuation of its property.

According to newly-filed accounts for the year to March the company saw turnover rise from £437,000 to £2.5m.

But a writedown of £3.2m following a property revaluation helped push the business to a pre-tax loss of £2.2m.

During the period the company had income from one of the BBC buildings that was handed to the corporation in October 2009.

It also took rent from tenants at The Pie Factory complex of studios and offices and some properties transferred from Peel Holdings the previous year.

MediaCity, billed as the largest private sector development in the country, is due for completion in 2011/12. It will be home to around 2,300 staff working at BBC North and 1,500 University of Salford students at its new base at the quays.

A number of other media businesses have also relocated to area and Peel is optimistic of luring ITV away from its base on Quay Street in Manchester.