Regeneration Projects to look out for in Manchester – Part 1

January 27, 2023

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Article Summary

Manchester
  • A regeneration project can be defined as the process of redeveloping land and revitalising the area by attracting economic investment and new employment by creating a much improved living environment.

  • Ancoats has become one of the most highly desired areas in Manchester for residents that are searching for an apartment, as £500 million + has gone into the housing redevelopment.

  • Great Jackson Street is planned to deliver over 6,300 new homes supported by a range of residential amenities, and new public realm along the River Medlock.

Manchester is a flourishing metropolis that has seen its population grow at a high rate, with Manchester City Council estimating that the city’s population will increase by 70,000 by the end of the decade to a total of over 625,000 people.

The city’s property market has exceeded national growth forecasts for many years, one of the most impressive property markets in the UK. It has become one of the most attractive and desirable UK cities to invest in. It is projected that by 2026, property prices in the city will grow by 24%+, with rental prices currently increasing by 20% each year.

Several new properties are under construction, but something that is becoming more popular not only in Manchester but all over the country, is regeneration projects. A regeneration project can be defined as the process of redeveloping land and revitalising the area by attracting economic investment and new employment by creating a much improved living environment.

These projects present fantastic Manchester property investment opportunities. Below are a few of the upcoming regenerations you can look out for in Manchester. Bear in mind though, these are only a few of them, with many more under construction in the City. These are just a few to look out for, more will be examined in the future…

The positives of regeneration projects

Regenerations essentially make use of areas that are misused or not being utilised to their full potential. With the growing population in the UK and specifically Manchester, the demand for properties continues to increase and more of these vacant areas are being regenerated into residential developments, shops and restaurants.

One of the main positives of regeneration projects is often the positive environmental impact it has, as several projects get rid of derelict land and create more green space, cycling lanes and walkways. In addition to this, regenerations create more job opportunities as office spaces can be created, in addition to the residential and social spaces that are often built.

Manchester has seen several of these projects take place in the past few decades, such as the multi-billion pound project that is MediaCityUK, where offices for BBC, ITV and other media giants can be found. There is also Salford Quays, where what was once a factory-ridden industrial area has been transformed into an ultra-modern working, residential and social area with several new-build developments taking up the space by the quays.

Ancoats

A well-known regeneration scheme in Manchester is the Ancoats area. It was once an industrial wasteland but over the last 3 decades, it has been regenerated and transformed into an area that is highly desired by tenants. Ancoats now has many modern apartment blocks, trendy eateries, other shops and small businesses. This will result in spaces for more local businesses, employment, and community activities. The Manchester City Council are also aiming to ensure that streets and spaces are created and improved for walking and cycling in a pleasant, high-grade, and historically sensitive way. 

It has become one of the most highly desired areas in Manchester for residents that are searching for an apartment, as £450 million has gone into the housing redevelopment from private investors in addition to the £32.7m invested into the project from various public funds, such as the Manchester city council.

The project is massive, with areas such as Ancoats Green being planned to enhance the existing green spaces, retaining as many trees as possible and introducing some new species of trees to add interest and colour, as well as to benefit the environment and greenery near the city centre. It will be the focal point of a neighbourhood that will have 1,500 homes, providing a multi-functional space that could host community events. Ancoats Green is set to be 2.4 acres in size, with completion expected in 2024.

There are more projects coming to Ancoats too, such as the complete redevelopment of Manchester’s Central Retail Park situated opposite the 32-storey Oxygen development. This will create 500,000 sq. ft of new office space coupled with retail and leisure opportunities on ground floor level. The proposed scheme will attract new businesses to the eastern quadrant of the city whilst opening up areas like New Islington Marina and Ancoats to the City Centre. These are just a couple of many new projects that make up the regeneration.

We at NPG have units from one of the new, modern apartment blocks that have been built as part of the Ancoats regeneration: New Cross Central. It is only a 10 minute walk from Ancoats Green. The new development has a unique architectural design, with an exposed brick look as an ode to Manchester’s industrial history. New Cross Central also features a unique communal landscaped courtyard and rooftop terraces as features.

This development will be part of the upcoming New Cross neighbourhood, which is situated just minutes from the Northern Quarter. Consisting of vibrant new homes with community at its heart, it is situated at the centre of an up-and-coming, exciting quarter of Manchester.

The residential townhouses and apartments that make up New Cross Central are designed with a unique, urban style. With an ultra-modern interior and high quality finishes, these high specification units are priced from £325,000. There is only one townhouse remaining with a price of £451,000, and the entire development is set to complete this quarter (Q1 2023).

Red Bank Neighbourhood

The Red Bank Neighbourhood in Manchester is a regeneration project that essentially saved a prime area from being wasted just outside the city centre. Much like Ancoats and MediaCityUK, Red Bank was a dump a few decades ago. But with a lot of planning, funding and new developments in place, the area is aiming to be one of the most desirable among young professionals and couples based in the Manchester area.

Credit: https://www.redbank-regeneration.co.uk/ Credit: https://www.redbank-regeneration.co.uk/[/caption]

The area is self-described as a low carbon neighbourhood, targeting Net Zero Carbon in operation, that delivers developments in a sustainable way and reinvigorates the green spaces along the river valley.

In addition to this, a forward-thinking, neighbourhood-led approach to placemaking has been utilised, believing the idea that places are better when people are involved in making them, making the best possible community for residents. It is also in one of the most connected areas of Manchester due to its convenient location. The Red Bank redevelopment is set to be host to a plethora of other developments too that will cover all the angles and benefits that the area has to offer.

Next to Red Bank is the renowned Green Quarter. Located here is NOMA, the largest development in the Northwest of England. Spearheaded by Manchester City Council and The Co-operative Group, the project is creating new homes, offices, hotels, shops, restaurants and bars around lively urban spaces and public realm, totalling 20-acres in area. Together with improved public realm and retail there is over 2.5m sq. ft of office space. Some refurbished heritage buildings take up this space, which are over 400,000 sq. ft in area, with some notable tenants being Amazon and the Co-operative Group.

Located in the neighbourhood of Red Bank though, is the North of England’s biggest regeneration project, Victoria Riverside. With over £4 billion going into the project, 15,000 homes are expected to be built once the regeneration is complete. Victoria Riverside is set to feature an enormous green space, totalling 46 hectares. It is set to be the focal point of the upcoming Red Bank redevelopment with numerous amenities and green spaces.

At NPG, we have been allocated some units at the Crown View block in this development, which is at the forefront of the Victoria Riverside development and stands at 37 storeys tall, being the tallest of the three towers. Crown View offers breath-taking views of the Manchester skyline. As the gateway to the emerging Red Bank neighbourhood, Crown View blends city living with a river and park on its doorstep.

The 275-apartment tower boasts over 4,500 sq. ft of exclusive private amenities, including co-working spaces, a resident’s bar and lounge, a gym and yoga studio, and private dining. Crown View has a completion date set for Q1 2025, with prices of 1, 2 and 3 bedroom apartments starting at £252,000.

The Great Jackson Street Framework  

Great Jackson Street is an ongoing regeneration situated in the bustling Manchester city centre. Located in Deansgate and planned to consist of multiple buildings, this development will provide townhouses, apartments, penthouses, accommodation, residents’ gardens and numerous amenities in the heart of the city. The area was split up into 8 plots when planning the regeneration, with specific plans for residential areas, green spaces and shops to be part of the development.

It is location of choice for those looking for city centre living. The site is planned to deliver over 6,300 new homes supported by a range of residential amenities, and new public realm along the River Medlock.

Deansgate Square is one of the skyscraper clusters that are complete and help make up the Great Jackson Street Framework. Estimated to have cost in excess of £385 million, it was designed by SimpsonHaugh and Partners, with these four towers being complete in 2020, creating 1,508 new homes for Manchester residents. The South Tower stands at 201 metres tall, therefore being the tallest building in Manchester. Another eye-catching landmark in the regeneration is Beetham Tower, which stands at 47-storeys and is a multi-use skyscraper. A Hilton hotel branch makes up the first 23 floors of the tower, which also has 219 luxury apartments and 16 penthouses.

Last year, plans were approved for two 51-storey skyscrapers worth £350 million to be constructed as a part of the framework. It will create 1,037 homes, and will include a £5 million park in between the two buildings, which will be bounded by trees and a small area that connects the upcoming school in M15 and Silvercroft street. The school will be the first in the city centre for almost 20 years, and is scheduled to open their doors for the 2024/25 academic year. There is also set to be a new GP opening as part of the framework, making this new high-rise neighbourhood even more convenient.

A development that can develop from these amenities and advantages is The Bailey, which is situated in the M15 postcode, but slightly out of the city centre. It is located just minutes from Great Jackson Street, and 15 minutes from the heart of the city centre. It is conveniently located in terms of transportation too, only being 5 minutes from the nearest bus stop and 8 minutes from Cornbrook tram stop.

Apartment units in the city centre cost, on average, £600-700 per sq. ft, whereas units at the Bailey cost, on average, £369 per sq. ft. These figures show that there is a high chance that investors could achieve circa 24% on return on investment. Prices for 2 bedroom units at the Bailey start at £274,950, with parking bays being available at £15,000 each in comparison to the city centre’s price of £35,000 a bay. The units at this development are 35% sold out, and present a great opportunity at return on investment.

It is very rare to find a property at this price in such a high demand area, as residents and tenants will be able to benefit from the positives of not only the growing Great Jackson Street Framework, but the Manchester city centre.

Conclusion

These are just a few of the regenerations to look out for in the ever-growing city of Manchester. It goes without saying that there are a lot more in the Manchester area, though we will talk about them another time so stay tuned for more information on these.

As shown above, we do have properties either in or close to these highly attractive and desirable regeneration projects. To hear more about these fantastic investment opportunities, book an appointment with a consultant today.

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Explore our property in Manchester

The Bailey

From £249,950

Yield: 13.5%
   In Construction
   Est. Q4 2024
   Lease Length: 250 Years

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