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Manchester City Council Launches its Own Property Development Company

March 8, 2022

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Article Summary

Manchester
  • This City has an ambition to create up to 500 new homes this year, helping to exceed Manchester’s target of building 6,400 new affordable homes between 2015 and 2025.

  • The first This City project will be on Rodney Street in Ancoats and will be delivered in partnership with lead contractor Wates Construction.

  • The site forms part of a wider project by the City Council, Manchester Life Development Company and Great Places to generate over 400 new homes across underused spaces in the city.

Manchester City Council has announced its new plan for investing in Manchester property through the creation of its new housing development company, named This City. Launched at the beginning of February, This City aims to accelerate the number of new homes in Manchester, starting with an initial site in Ancoats.

High ambitions

The council’s investment into property will deliver schemes that are high quality, low carbon and a mix of accessible rent and market properties. This City has an ambition to create up to 500 new homes this year, helping to exceed Manchester’s target of building 6,400 new affordable homes between 2015 and 2025.

By investing in Manchester property in this way, the council will be able to alleviate some of the pressures caused by a chronic undersupply of quality housing in the city. The current housing pipeline requires 32,000 new homes to be built by 2025.

Ancoats regeneration

The first This City project will be on Rodney Street in Ancoats and will be delivered in partnership with lead contractor Wates Construction. The scheme will create 128 apartments and townhouses, high quality residential facilities and public green spaces.

The site forms part of a wider project by the City Council, Manchester Life Development Company and Great Places to generate over 400 new homes across underused spaces in the city. It also builds on the recent regeneration of Ancoats to make the area even more attractive to people looking for somewhere to live or invest in Manchester property.

A green development project

The partnership with Wates Construction, which forms part of the Wates Group, will help deliver an environmentally-friendly project that will benefit both residents and the wider city.

By working with its Technical Excellence Centre and using the latest technology and materials, Wates Construction aim to deliver a scheme that will result in lower energy costs for residents and will contribute to Manchester’s 2038 Zero Carbon ambitions plan.

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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