In recent years Manchester has undergone huge levels of redevelopment and regeneration. It has transformed from a declining city in the 1980’s, during which time it lost almost 50,000 jobs and 17.5% of its population, to the booming centre of the modern Northern Powerhouse.
What kind of construction projects have happened in Manchester to make this happen? And what has that meant for the city?
Transformative Regeneration Projects in Manchester
The first of the truly transformative modern strategies in Manchester was the Manchester Millennium Ltd project. This regeneration scheme rebuilt and redeveloped areas of the city centre that had been destroyed in a 1996 IRA bombing which caused £250 million worth of damage.
The Manchester Millennium Ltd project resulted in a much improved city centre, with new offices, housing and transport networks. The project encouraged further funding to help rebuild the city’s economy and set the foundations for the Manchester we know today.
Another important project that helped make Manchester what it is today is the MediaCityUK development. Launching in 2007, MediaCityUK is located on what was once a declining dockland area. It is now the home of major corporations such as ITV, the BBC, Kellogg’s, and Ericsson. The University of Salford is also in the area, making it a student centre as well as a professional hub.
More recently, the ongoing NOMA project is redeveloping the northern portion of Manchester city centre. With an investment of £800 million, this is the largest development project in the north west. Once complete, it will have transformed a 20-acre site into the Manchester’s top destination for working, living, shopping and leisure. The first phase of NOMA, One Angel Square, is already complete.
Effects of Redevelopment
The effects of Manchester’s extensive redevelopment are transformational. It is the main city in the UK’s Northern Powerhouse and is seen by many as the ‘capital of the North’.
Manchester is now a top location for established businesses and start-ups alike. The city’s business schools are helping to train and grow the next generation of business leaders and entrepreneurs. These graduates then remain in the city to take advantage of the fantastic career prospects and schemes to help new businesses.
The appeal of Manchester is making more and more people move to the city, especially from London and the rest of the south east. The population has increased by almost 100,000 since 2015, with a further increase of over 10% expected by 2034. Housing and infrastructure have also improved, assisting the growing numbers of people living and working in Manchester.
The results of all of this are a thriving economy and booming property market. Manchester is now an investment hot-spot and boasts some of the UK’s highest yields at an average of 5.55%.
With regeneration set to continue, Manchester will only increase in attractiveness. If you’d like to find out more about investing in Manchester, contact North Property Group now.