Peel Holdings seals £360m deal with Bank of Scotland to develop future BBC site in Salford, Manchester

Peel Holdings and the Bank of Scotland Corporate have signed a £360m deal to fund the MediaCity:UK development in Salford Quays.

The scheme will be the home of several BBC departments including BBC Sport, Radio 5 Live and CBBC. As well as proving space for 2,300 BBC staff the site will also provide facilities for new media and technology companies.

The 200 acre MediaCity:uk site will provide employment for 15,000 workers in over 7 million sq ft of accommodation.

The package provided by the Bank of Scotland will fund the first phase of the site's development, comprising 535,000 sq ft of office space, 224,400 sq ft of broadcast studios, a 40,000 sq ft post production studio, a 206-bedroom hotel, 371 residential apartments, 35,000 sq ft of leisure and retail space and 2,000 car park spaces.

Phase one is scheduled for completion in December 2010.