The approval of the Salford Crescent Masterplan is moving ever closer with Salford City Council recently signing off the regeneration framework. As the £2.5billion project will likely soon be given the go-ahead, we look into what it comprises and why it is so important for property investments in Manchester.
7 key priorities
Once complete, the Salford Crescent Masterplan will transform Salford, having a huge impact on property investments in Manchester. There are 7 key priorities for the Masterplan, all of which will dramatically improve this already thriving part of Greater Manchester.
These 7 key priorities are: Learning and Innovation; People, Community and Tackling Inequality; Culture and Creativity; Strong and Diverse Economy; Connectivity, Movement and Sustainable Transport; Environment and Blue-Green infrastructure; Climate Change. For more detail on these, you can read about them in the full, official Salford Crescent Masterplan.
Attracting new residents
The overall aim of these priorities is to make Salford even more attractive to people to live, work and invest.
Once complete, the project will have created new quality homes and employment opportunities, driving young professionals to the area. This will create more demand and will boost rental yields for Salford’s buy-to-let landlords.
Another feature is the introduction of new, sustainable transport. With eco-friendly lifestyles ever increasing in importance, people can easily reach Manchester city centre and beyond while still being kind to the environment.
With the University of Salford sitting at the heart of Salford Crescent, the Learning and Innovation priority area will make Salford even more attractive to prospective students. This should have a huge benefit to landlords with student property investments in Manchester.
A cultural gateway
As well as bringing more residents to Salford, the Masterplan also aims to attract more visitors through its creation of a cultural and creative gateway. For property investments in Manchester that follow the short-term AirBnB model, this is particularly important.
As part of the Masterplan, the potential of existing cultural spaces will be developed. These include the Salford Museum and Art Gallery, the University’s New Adelphi and Peel Buildings, Hemsley House and the Working Class Movement Library.
Further adding to Salford’s Crescent’s future status as a centre of arts, culture and food and drink in the north west, will be the establishment of a number of independent bars and eateries, and pop-up shops.
In addition, new cultural events and experiences will embrace the area’s rich heritage, while the creation of a city centre park will provide residents with an outdoor space to relax and reenergise.
Strong and diverse economy
The local economy is an important factor for any property investment, whether in Manchester or anywhere else. But thanks to the Salford Crescent Masterplan, Salford will continue to boast a strong and diverse economy.
Already a thriving economy thanks to its status as the home of the Salford Innovation Triangle area which includes MediaCityUK among others, the Masterplan will further boost and underpin the local economy.
The Masterplan will capitalise on the economic and innovation potential of the area, focusing on growth sectors with innovation potential. By building on the strengths of the University of Salford’s research capabilities, key growth sectors such as digital and creative industries, financial and professional services and robotics and automation will all be supported by the project.
There will also be a focus on improving Salford’s digital infrastructure by creating an affordable, high speed and high capacity network across Salford Crescent.
To find out more about making a property investment in Manchester’s Salford area or to learn more about the Salford Crescent Masterplan, contact North Property Group today.