With Salford University moving to the new Media City site in Manchester, a question has to be asked.
Was it worth it?
The intention of the move was for the 115 year old education establishment to have a new building and an influential presence in – what its developers hope will be – Britain’s new media capital.
But it’s come at a cost.
According to the Salford Star, Peel Holdings – the owner of Media City – is charging the university £2,125,000 a year in rent.
That’s £40,867 a week!
So is it a worthwhile investment?
Considering an expected 1500 extra students will come to the campus per semester because of the move – each one paying an average of £9000 a year – then yes.
Salford University stand to make a return £13,500,000 – or a profit of £11,375,000.
So, from a financial perspective, it’s a wise move.
But it’s not all about money – or at least officially it isn’t.
It’s about future generations making Salford the world capital for media and creativity.
And the financial investment will follow.
The university building is located between the BBC and the Pie Factory filming studio, and is surrounded by numerous other media companies – both large and small.
And by 2013 ITV’s Granada division will have moved all of its departments and sets – including the actual Coronation Street – to Media City.
So, the idea is that when the students graduate, they will have an advantage over students from other universities.
They will have already experienced how the professional media industry works.
And they may even stay in Salford, and use their knowledge and experience to help local production houses grow.
Or they may even start one of their own.
Click here for an example of a web and corporate video company that’s located close to Media City.