Salford’s success
Salford personifies regeneration. It’s one of the areas in the North-West that has seen a huge transformation resulting in more business, more jobs, an uplift in the area’s reputation, and mass investment opportunities. It has changed its scenery through major regeneration putting the M6 postcode on the map for all the right reasons.
The cause of all this interest is because of the recognition, admiration and mass appreciation of Salford’s biggest name – MediaCityUK.
Home to international industry names such as the BBC, ITV, Ericsson, dock10 and Kellogg’s, it’s also complemented by more than 250 smaller media and digital businesses. It’s much more than just a large-scale successful regeneration project, its creation has also shifted a change in attitude towards the North of England as a credible media hotspot.
This 200-acre mixed-use development on the banks of the Manchester Ship Canal is one of the first and largest urban regeneration projects in the UK. It has become the go-to destination for production across the country, offering top-notch facilities, a wide pool of talent, and is the biggest technical and creative centre outside of London. According to Amion, a consulting economic and financial advisory business, over 60,000 people now work in the creative and digital industries in Greater Manchester and forecasts that number will grow 27% by 2034.
With major regeneration developments, come an upturn in the local area – jobs, environment and property rise. This has been the case for Salford as young professionals, young families, and those wanting to be part of a new vibrant area have moved there. The attraction is not only the pull of MediaCityUK, it’s also the residential properties. In the buy-to-let market, Salford has some of the highest average yield – 8.25%. According to experts from property site Home, this is predominantly due to the number of people wanting to work in or near MediaCityUK.
The area has seen lots of property interest including The Millennium Bridge in Salford Quays. It’s considered one of the top places to invest in the UK, and research by Hamptons International estate agency, show rents there grew 2.8 per cent last year. Other residential hotspots on investors’ radars are the outer suburbs. Places such as Wilmslow, Altrincham, Sale and Stretford have become popular choices. You can find out more information and view properties in Manchester here at RWinvest.
Salford’s future
There are major plans on the horizon for a 244-acre Salford University and city centre master plan. It will span the Crescent and University area including 225 buildings, 25 hectares of open space, 20,000 students, 1,367 on-campus student beds, and 1,820 committed residential units. Its construction will help to create a high-quality knowledge district. This is intended to improve graduate numbers and retention at the University as well as provide residential, employment and cultural opportunities in the area.
In a further regeneration project, opposite to where the University scheme is set to take place, is the Chapel Street and New Bailey regeneration area, which has almost completed a 12-year £650m investment programme of transformation. English Cities Fund (ECf), a joint venture company involving Muse Developments, Legal and General and the Homes and Communities Agency, will work with Salford City Council on the 20-year scheme. The ECf have recently announced a pledge to double the funds from £100m to £200m. Overall it’s estimated that the scheme will create 11,000 new jobs, 197,000sqm of commercial space, 24,000sqm of retail and leisure space. Along with 849 new homes, open public spaces, a hotel, car parking facilities, and improvements to pedestrian and cyclist routes.
Government intervention will also play its part in Salford’s future. Using its Land Release Fund, the government will invest £8.9m in the north of England to support the construction of more than 2,000 new homes in a bid to try and tackle the housing shortage. It will be used for the development of 18 different projects in the Northern Powerhouse with a section of the money – £500,000 – spent on the Salford Development Site on Astley Road.
The ever-changing look of Salford’s skyline will see another iconic building in the form of 100 Greengate. This will be the tallest building in Salford’s history at 130 metres high with 44-storeys. The high-quality development, formerly known as Exchange Court, will include 349 homes made up of one, two, and three-bed apartments.
The scale of regeneration around MediaCityUK is phenomenal. Through its ambition and drive Salford has brought along keen commercial and residential property investors who understand the workings of ROI, capital appreciation, and yields this area has to offer.
For information on property investment opportunities contact RWinvest on +44 (0)151 808 1250 Email: [email protected] or visit our website: www.rw-invest.com/manchester-property-investments/.