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Salford’s Media City is poised to double in size after Peel Media and MediaCityUK secured a £292.5m five-year loan for a major development which will see up to 10 new buildings erected including offices, 1,800 flats and shops.

The cash infusion will fund a breakneck expansion of the current campus over the years to 2026, cementing the site as one of Britain’s best international media hubs.

Stephen Wild, managing director at MediaCityUK said: “We are delighted to have such strong support from our lenders and this arrangement helps support our aspirations for future development. Our phase two plans will focus on driving forward the already established residential community at MediaCityUK, as well as acting as a magnet for even more digital and tech businesses.”

In addition to major TV firms including the BBC and ITV, MediaCityUK also hosts 250 smaller related businesses which employ 8,000 people.