The value of MediaCityUK

The Peel Media division of the giant Peel Group published its accounts up March last year yesterday, which have left this reader puzzled.   The division's principal asset is MediaCityUK Phase 1; around 1.5million sq foot has been developed; there's planning permission for a further 2m sq foot; and there's undeveloped land which could form Phase 2.

The books show a writedown of £3.2m because of a property revaluation.  I'd have thought, as construction completes, assets become more valuable, not less. Or is it the undeveloped land that's worth less - there is, after all, plenty around in Manchester ?

Or perhaps it's like new cars, which lose a lot of value once a new owner drives them off the forecourt.  I'd be grateful if erudite readers could help me out on this one.

• While we're here, the view from London is that lawyers for both sides are working feverishly on the detail of a contract for ITV to take space at MediaCityUK, with a view to an announcement before Christmas.