Property company Landsec (Land Securities Group) has acquired a 75 per cent stake in Manchester’s MediaCity, in a deal worth £425 million.
The waterside property was a 50:50 joint venture between Legal & General and Peel L&P, which will now retain a 25 per cent stake and serve as an asset and development manager.
MediaCity is home to both BBC North and ITV, and also houses dock10.
“MediaCity is a compelling addition to our portfolio, providing the opportunity to invest and further develop the estate with the potential to be onsite from the first half of 2023,” said Mark Allen, Landsec CEO.
MediaCity launched 10 years ago and comprises 1.48 million sq ft across 11 buildings including work space, studios and incubator labs. The site is currently in phase two of its development, which has already seen the completion of two residential towers, as well as a mixed-use commercial space. The second phase has outline planning consent for an additional 1.6 million sq ft including office and residential.
Steven Underwood, Peel L&P CEO said: “In the past 10 years we have created a unique destination, currently unrivalled in the UK for its breadth of offering, from global content creation and innovation, to waterside living and leisure.
“Our new partnership with Landsec is another exciting step towards our stated vision to double the size of MediaCity. As MediaCity enters its 11th year we look forward to working alongside Landsec whose ethos and vision are aligned with ours, to deliver MediaCity’s global potential benefitting all MediaCity’s local, regional and national stakeholders.”