A £4billion regeneration scheme is set to transform a huge area on the edge of Manchester city centre. The joint venture between the Far East Consortium (FEC) and Manchester City Council has been renamed as Victoria North, previously going by the title Northern Gateway. This can benefit property investment in Manchester in more ways than one…
Biggest ever regeneration project
Victoria North is Manchester’s biggest ever residential regeneration project. Over the next 10-15 years, it aims to completely transform the areas of Collyhurst Village, South Collyhurst, New Cross, New Town, Red Bank, Vauxhall Gardens and Smedley Dip & Eggington Street.
Spread over 155 hectares, the project will create around 15,000 new homes. 20% of these will be reserved for social housing, but the remainder could be fantastic opportunities for property investments in Manchester.
The scheme will also build new schools, healthcare facilities and public parks, as well as creating new transport links to Manchester city centre and northern parts of the city.
First step forward
The first step has already been made in bringing Victoria North to life. In February, the planning permission for the first stage of the project at Collinghurst Village was submitted.
Work is due to begin this summer, and will create a 1.3-hectare public outdoor space and 244 new homes in Collinghurst Village.
Phase one of the project also includes the regeneration of the historic Red Bank area. This former industrial district will be transformed into a thriving residential neighbourhood with 634 new homes.
Focus on Manchester
This is just the latest in major property investments in Manchester for FEC. CEO David Chiu has a keen interest in Manchester, having been advised by people within central government to focus on property investments in Manchester rather than London.
Since then, FEC has invested millions of pounds into the Manchester development scheme Meadowside around Angel Meadow. This multi-block development is located in the NOMA district and will bring more than 750 apartments to the area.
Speaking to Manchester Evening News, Tom Fenton, FEC’s project director, spoke of the importance of their partnership with Manchester City Council. He said, “One of the key reasons why we were procured by the council to work on this, the fact is it is a long-term regeneration project.
“We made a big play around the fact that we are patient and we understand that actually if we are to derive returns from the project we have to take a much more long term approach. and that may be 15 to 20 years.”
This is good news for property investors too. The project’s long-term commitment to the city means it will deliver plenty of great options from property investment in Manchester for years to come. It will also continue to boost the city’s already thriving economy.
If you’re interested in making a property investment in Manchester, get in touch with North Property Group today.
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