A huge site Manchester’s Deansgate has been acquired in a £200million project that will revitalise the area. Plans show that the redevelopment will transform the Renaissance Manchester site into a brand new mixed-use scheme. Find out why this makes Manchester a great place for property investment.
Prime Manchester location
Deansgate sits in the heart of the city, which makes it a key location for property investment in Manchester. This will not have been missed by Starwood Capital Group and Property Alliance Group who acquired the site from Urban & Civic in a joint venture.
Starwood Capital and Alliance have also revealed plans to transform the area into a new mixed-use scheme comprising a hotel, office space, car park, and residential units. And as a bonus for buy-to-let investors, the new residential development might offer further opportunities for rental property investments in Manchester.
The £200million project will create a brand new hub for residents and office workers in a prime city centre location. Situated next to Harvey Nichols, Selfridges, and Manchester Cathedral, the development will further increase the desirability of this part of Manchester.
Timothy Abram, Vice President at Starwood Capital spoke of their excitement at making another property investment in Manchester.
He said, “The redevelopment of this prime site has the potential to generate many economic benefits for Manchester and we hope this will be the first of many investments made through our new joint venture with Alliance.”
Manchester’s economy is already faring well following the coronavirus pandemic. Increasing numbers of major companies are moving to the city and it was recently ranked the best UK city to make buy-to-let investment. The Deansgate project will only boost Manchester’s economic success.
An environmentally-friendly project
The joint venture will also strive to reduce waste and emissions during the construction phase of the Deansgate project.
Alex Russell, Managing Director of Alliance, said, “We are committed to helping make Manchester a zero-carbon city by 2038 and that will mean more environmentally-friendly construction practices across all our schemes, including the redevelopment of this site. We are developing a sustainable design and the majority of the existing building will be reused or repurposed.”
Property investment opportunities in Manchester
Property investors can already take advantage of the benefits the Deansgate project will bring to the city. The nearby property investment opportunity in Manchester, The Blade, is located next door to Deansgate station.
This luxury buy-to-let development will house 414 surprisingly affordable premium apartments. Prices for a one-bedroom unit start at just £261,000. Therefore, investors can expect to achieve rental yields of 6% and strong capital growth.
Standing at 52 stories tall, The Blade therefore offers unprecedented views over Manchester’s skyline. These views are matched in quality by the apartments themselves and the building’s enviable amenities.