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£30m Manchester City Council Housing Scheme Approved

October 12, 2022

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Article Summary

Manchester
  • The £30 million project will create over 120 new homes, with more than two thirds being available as new property investments in Manchester.

  • 60% of properties built as part of the new project will be available on the private market for people interested in investing in property or buying them as owner occupiers.

  • The development will comprise two blocks of eight storeys and five storeys, as well as 10 three-storey townhouses.

  • The properties will be high quality and low carbon, with electric vehicle charging facilities included as part of the plans.

Plans for the first housing project by Manchester City Council’s own housing company, ‘This City’ have been given the go-ahead.  The £30million project will create over 120 new homes, with more than two thirds being available as new property investments in Manchester.

First foray into property development

This City is a new venture for Manchester City Council, with the newly approved development project being its first. The Council’s initial foray into property investments in Manchester will develop 128 new homes on brownfield land in the Ancoats part of the city.

The development will comprise two blocks of eight storeys and five storeys, as well as 10 three-storey townhouses.

This City will continue to invest in property with plans to deliver 500 homes each year using council land. As well as helping to alleviate the undersupply of rental properties in the city, profits made from the developments will go towards the provision of affordable homes in Manchester.

Property investment opportunities

Sixty percent of properties built as part of the new project will be available on the private market for people interested in investing in property or buying them as owner occupiers.

The properties will be high quality and low carbon, with electric vehicle charging facilities included as part of the plans.

Speaking on behalf of the applicant, Anne Hargreaves, of Avison Young, said This City aims to “be more than bricks and mortar and to build communities”.

Economic boost

As well as bringing new property investment opportunities to the Manchester market, the ‘This City’ development will also boost the local economy through the creation of hundreds of new jobs.

Overall, the project will create over 1,000 jobs – 548 in construction and 466 in the supply chain. In addition, it will add £14.1million to the Manchester economy.

It is expected that the construction work will take 24 months to complete.

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. Individuals or organisations can invest in property, and the investments can be short, long or medium term.

Contact us

There’s no need to wait until the This City development is ready to invest in property in Manchester. Find out what property investments in Manchester are available right now by getting in touch with North Property Group today.

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