Landsec eyes full ownership of MediaCity Salford
Landsec is in talks to acquire full ownership of the MediaCity mixed-use scheme in Salford, as it looks to press on with developments.
The group is close to acquiring Peel’s 25% stake in the development, Place North West has reported.
Earlier this year, plans to create an additional 800,000 sq ft of commercial space and 3,200 more homes at MediaCity were approved by councillors. Landsec wants to take control of the scheme to drive forward with these proposals.
The group acquired a 75% stake of MediaCity for £435.6m in 2021, purchasing 50% from Legal & General and 25% from Peel.
A spokesperson for MediaCity told Place North West: “Since Landsec acquired a majority stake in MediaCity, we have been working closely with the team there to agree the regeneration framework which sets out our ambitious plans for MediaCity over the next decade.
“We’re in discussions with them about potentially investing more into MediaCity but It’s too early to say what this may look like. However, it does demonstrate Landsec’s commitment and excitement to both MediaCity and Salford. When the time is right, we will provide a further update.”
MediaCity is home to some of the UK’s most renowned content and technology companies including BBC, ITV, and Satellite Information Services, as well as 80,000 sq ft of retail and leisure space.
The 53-acre site also accommodates 1.4 million sq ft of offices and over 1,100 homes.