The final version of the Greater Manchester masterplan to improve jobs and homes in the area has been made public. The plans, which were agreed in principle by private leaders at the end of September, is the outcome of a large public consultation by the public and business leaders at the end of 2019. If the new version of the masterplan is passed by the ten councils of Greater Manchester, it will then go to a final eight-week public consultation in December. So what does the new Greater Manchester masterplan actually say, and what does it mean for people who want to invest in property in the area?
Reduction of green belt development- property invest
Following the consultation last year and the appointment of Andy Burnham as mayor, the main change to the masterplan is the reduction of green belt land used for development.
Compared to the original 2016 version of the plan, there is now 60% less green belt earmarked for development.
The plan also outlines what will actually be developed. 209,000 new homes for property investment or owner-occupiers will be built by 2037, down from the 227,000 in 2016 but up from the 201,000 suggested in 2019.
Ambitious plans for Manchester
The plans for Manchester are great news for people investing in property in the city. As well as the construction of 50,000 new homes in the city centre by 2037; the plan will create 1.5 million sq ft of new office space to Manchester. This will bring with it new job prospects and increased residential demand.
The MediPark and Global Logistics Hub near Manchester Airport will be expanded, securing Manchester’s status as a city of international trade.
More development in Salford
The exciting development plans for Salford is also good news for property investors. The creation of more than 320,000 sq. metres of industrial space at Salford Quays will boost the local economy and provide more employment opportunities.
Salford will also benefit from the construction of more homes, and therefore more opportunities to invest in property. There will be 400 built in Worsley, 300 near Boothstown, and over 1,000 north of Irlam station.
Thousands of homes in Trafford
The Greater Manchester area of Trafford will see large numbers of new homes being built. There will be 2,500 developed at Timperley Wedge and a further 5,000 at New Carrington.
Plans for other parts of the region
The rest of Greater Manchester will also benefit from the scheme. Thousands more homes will be built across the region, while huge swathes of industrial space will be developed.
Mayor Andy Burnham stated that the masterplan will help the region following Covid-19.
He said, “While we continue to confront the coronavirus pandemic. We also have a duty to look ahead and make sure our city-region builds back better for our people and places.
“The [masterplan] is about making sure our city-region leads the way in providing good jobs, good housing, and tackling the climate crisis.”
A shared vision for Greater Manchester
Of the masterplan, Salford city mayor Paul Dennett said: “This plan represents a shared vision for Greater Manchester, and it’s by working together across the city-region that we’ve been able to direct development to the most sustainable brownfield areas; primarily the cities and town centres – and minimise development on green belt as much as possible.”
“We’ll be delivering almost 4,500 homes across Greater Manchester with the first tranche of funding from the government’s Brownfield Housing Fund. And over the next five years will need to deliver a minimum of 5,500 throughout our city-region.”
Find out more- property invest
To find out more about property development news in Greater Manchester or if you’d like to invest in property there, contact North Property Group today.