Revenues double as MediaCityUK comes of age
PEEL Media, the company that owns and operates MediaCityUK, nearly doubled revenues last year as a raft of tenants moved in.
Latest filed accounts show revenues rose from £9m to £17.1m in the year to March 31.
The BBC went live from the 36-acre site during the period where it has 330,000 sq ft catering for 5 Live, the children’s department, sport, North West coverage, programmes for Radio 4 and 6 Music, as well as technology and marketing roles.
Some 100,000 sq ft is also let to the University of Salford, while ITV has taken 62,500 sq ft and is in the process of moving in.
In 2011-12 63,000 sq ft of retail space was let and property services group Urban Vision – a joint venture between Salford City Council, Capita Symonds and Galliford Try – took 55,000 sq ft of offices. Outside broadcast specialist Satellite Information Services took 32,000 sq ft.
But now the site is fully operational it is liable for interest payments on the debt involved in the scheme. Peel Media owes £419.1m to other group companies and interest came in at £23.6m, up from £11.5m last time. This contributed to a £29.3m pre-tax loss, down from £33.7m the previous year.
Due to the state of the property market, investment properties were devalued by £6.1m – less than last year’s £23.8m – giving them a net value of £419.1m. The historical cost of the properties is £495.9m. The multi-storey car park was devalued by £7.3m. So far 19 acres of the site have been developed.
In a separate statement Peel said 2012 was its busiest year yet at its Pie Factory studios at MediaCityUK.
It saw a major increase in TV and commercial productions using the three sound stages, including the Royle Family Christmas Day special, which had 9.9 million viewers.
MediaCityUK managing director Stephen Wild said: “The Pie Factory is testament to the evolution of MediaCityUK, as it was enabling companies to make content in its spaces even before the first phase of MediaCityUK had got underway.
“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 and this year.”
