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Why Salford Is A Regeneration And Investment Hotspot

April 26, 2024

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UK

Why Salford has become the North West’s newest and most exciting regeneration and investment hotspot.

 

Salford is an unassuming city that lies to the west of Manchester, on the other side of the River Irwell, and in the historic county of Lancashire. The city covers 37 square miles and the five districts of Salford, Eccles, Worsley, Irlam and Cadishead, and Swinton and Pendlebury.

Self-effacing and humble where Manchester is bold and loud, the metropolitan borough of Salford has quietly become a hub for culture, technology, and entertainment in recent years. A long-since forgotten part of the metropolitan county of Greater Manchester, the city has evolved and industrialised quickly. New builds and imposing architecture have become a glimmering and enchanting part of the area’s skyline.

It is easy to see why it has become such an integral part of the UK’s North West, on a cultural, economic, social, and even political level. Salford has a lot to offer in terms of education and work opportunities, being home to hundreds of businesses, fantastic schools, and a top university.

Why Salford Is The Next Regeneration Hotspot

Salford Regeneration And Cultural Pursuits

Salford Quays is considered the cultural hub of the city, with plenty of contemporary events and entertainment taking place across the week. It is home to the Lowry Arts Centre, an iconic quayside structure that comprises two theatres and multiple galleries. 

It hosts plays, musicals, ballet performances, and much more, with something for residents and visitors almost every single night. Other cultural pursuits people can enjoy include the Imperial War Museum, the Salford Museum & Art Gallery, and Ordsall Hall, a Grade 1 listed Tudor manor house that was first recorded in 1177.

Not far from Salford is Old Trafford, which is the iconic Manchester United stadium with an impressive capacity of 74,310. Salford is also just a short distance from the famed Trafford Centre, only 16 minutes by car or 40 by public transport. The Trafford Centre is a world-renowned shopping and leisure centre, with an array of premium and high-street brands and activities. 

As for education, thousands of students come to Salford each year to study at the esteemed University of Salford. The university services 26,000 students and employs staff totalling 2,500. Those studying in Salford usually opt to move to the city as opposed to Manchester. This is because it is closer to their classes and is often cheaper than student housing available in Manchester.

Evolving Demographics

In Salford, the population increased from roughly 233,900 in 2011 to 269,900 in 2021 when the last census was recorded — an increase of 15.4%. This is in direct comparison with Manchester, which in the same period experienced a growth of 9.7% – from 503,100 to 551,900. While not as populous, Salford is currently experiencing exponential growth. Salford, alongside Chorley, is the place that has had the largest population growth in the North West.

Who makes up this huge percentage? Why are so many of them flocking to Salford?

A large proportion of those living in Salford are workers, with the area having a strong employment rate of 72.4%, and 78.7% of the population who are economically active. It is particularly popular with young people, who have come to the city to study and work.

Lower Prices

Salford, in the face of rising prices everywhere else, is still considered an affordable place to live. It generally has more affordable rental and house prices compared to other parts of Manchester, especially Manchester city centre. This has drawn more and more people to Salford in recent years, especially as it is still a commutable distance to Manchester.

An Industry Powerhouse

Manchester was at the forefront of the industrial revolution in the 19th century and that hasn’t changed some 200 years later. Salford during the 20th century went through a period of decline but that has since turned around completely, setting itself up for long-term economic success.

The reason why so many people are coming to Salford and why there is such a strong rate of employment is that the city has established itself as an industry powerhouse. It has become an award-winning media, entertainment, and technology hub, creating a robust local economy.

A large part of this drive in technology and innovation is attributed to MediaCityUK – a media and technology hub. This bustling working environment is home to leading industry staples like ITV, the BBC, Talk Talk, Warner Brothers, and Peel Media. Big names aside, it is also home to over 250 smaller tech and digital-based businesses. This dense network of businesses and brands has brought forth plenty of employment opportunities.

This boom in industry has made Salford a top destination in the north for those looking for work. Many people who work in Salford Quays and MediaCityUK have chosen to live in Salford so they can be closer to their places of work, significantly cutting down their commute time. These workers are often high-earning, quality renters, providing an opportunity for strong rental income for those investing in the city.

Salford Regeneration Hotspots

Chapel Wharf

Amid modernisation, there are plenty of regeneration projects happening across the city. One of the key areas undergoing transformation is the characterful area of Chapel Wharf. This is an exciting new project spearheaded by a premium Manchester developer. It will cover 47 hectares of the city centre, further driving economic growth and creating a sense of community.

The area is designed on the 15-minute neighbourhood concept – a modern approach to designing urban areas. The 15-minute neighbourhood concept aims to reduce carbon emissions by reducing residents’ commuting time and the need for cars. The neighbourhood should ideally contain all the basic social needs for residents to live and work, including amenities that are all a 15-minute walk away.

One of the developments within Chapel Wharf is the new Obsidian residence, a luxury housing development. Named after volcanic glass, Obsidian takes after its namesake – associated with prestige, harmony, and tranquillity. This development is a curated collection of apartments designed for modern living for young and working professionals. It boasts state-of-the-art facilities, including a private dining room, a cinema, a fully-equipped gym, and a 24-hour concierge.

For more on Obsidian, check out our landing page about the development here.

Summary

North Property Group is a property investment agency and lettings agency with a focus on premium UK real estate. We secure deals with high-scale developers to deliver the best off-plan developments to investors. If you choose to invest in property in Salford, then we can help you find the perfect property and manage the entire lifecycle. We can offer financial advice and guide you through a range of investment options.

We’ve been closely tied to Salford’s recent surge in regeneration and investment boom. Working alongside premium developers, we are committed to delivering premium residences across the Greater Manchester Area. Book a free consultation with us today to start your journey in investing in Manchester and Salford.

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The Bailey

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Yield: 13.5%
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   Est. Q4 2024
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