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£186m New Manchester Arts and Cultural Centre to Boost Local Economy

October 14, 2022

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Article Summary

Manchester
  • ‘The Factory’ is the new arts and cultural centre that will change Manchester’s skyline and secure its status as a city of culture

  • Once complete, this major £186 million property investment will also feature a large outdoor area where people can eat, drink, and relax.

  • The building is on track for opening in early 2023. Once complete, The Factory is expected top bring up to 850,000 visitors to Manchester each year, adding £1.1billion to the regional economy over a decade.

A new £186 million Manchester property investment has been unveiled. Named ‘The Factory’ the new arts and cultural centre will change the city’s skyline and secure its status as a city of culture, all while having a major positive impact on the local economy.

Eye-catching design

The building will become a new centre for arts and culture in Manchester. Located at one of the gateways to Manchester city centre on the banks of the River Irwell, the spaceship-like structure was recently revealed when scaffolding came down.

The Factory forms part of the ongoing redevelopment of the Old Granada Studios site and its design has been inspired by Manchester’s “unmatched history of invention”. It has been designed by leading architects Rem Koolhaas’ Office for Metropolitan Architecture (OMA) and is being led by Manchester City Council, with backing from the Government and Arts Council England.

Once complete, this major Manchester property investment will also feature a large outdoor area where people can eat, drink, and relax.

Leading cultural space

The £186million property investment is just part of the rapid growth that is currently undergoing the St John’s district of Manchester city centre, where it is located. This part of Manchester is set to become a new cultural and digital hub for the region.

This makes St John’s the perfect place for The Factory. The building is poised to become on of the leading cultural spaces in the UK and will commission, produce and present new work from the world’s most exciting artists.

The Factory will also deliver the Manchester International Festival (MIF) that takes place every other year. The MIF will operate the Factory on a daily basis.

Economic boost

The building is on track for opening in early 2023. Once complete, The Factory is expected top bring up to 850,000 visitors to Manchester each year, adding £1.1billion to the regional economy over a decade.

It will also create 1,500 jobs and will pioneer a programme of skills, training and engagement. This will help make Manchester an even more attractive place to work and live, driving up tenant demand and rental yields from property investments in the city.

What is property investment?

Put simply, property investment is property purchased with the intention of generating financial returns for its buyer. These returns could be in the form of rental income through buy-to-let properties, house price growth through the future sale of the property or both. Property investments can be owned by individuals or organisations and can be short, long or medium term.

Get in touch

For all of the latest information about Manchester property investments and to start your own property investment journey, contact the experts at North Property Group now.

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The Bailey

From £262,450

   Gross Yield: 6%
   In Construction
   Est. Q4 2024
   Lease Length: 250 Years

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