Manchester has undergone sizeable amounts of rejuvenation in recent years, and there is plenty more planned as the city becomes the forefront of the Northern Powerhouse. This has turned a number of areas in the city into key investment areas, and created opportunities for more speculative investors to buy in the areas that are still up-and-coming as development continues.
While there are definitely good places to buy in Manchester, the number of regenerated and regenerating districts leaves investors with a question: where is the best place to invest?
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A North-South Divide
The northern and southern portions of Manchester’s city centre are, in many ways, divided. This has led some to continue that, as regeneration efforts continue, the two halves of the city centre will effectively end up in competition with one another. A deeper assessment of the situation, however, makes this seem unlikely. For a start, it is more a matter of individual development sites and districts and the merits they offer investors, rather than a neat matter of north and south. Furthermore, the factors which do separate the two halves should rightly mean they appeal to different tenant markets and therefore different groups of investors rather than being in direct competition. For example, the northern parts of the city centre and its outskirts are noted for things like culture, nightlife, and dining. The south, meanwhile, is a thriving business district and, from a residential standpoint, suited to professionals who want to be near their workplaces.
Northern Manchester Places to Buy
One of the key places to buy in the North of Manchester is NOMA. With £800 million invested in it, NOMA is a massive project with the explicit aim of rejuvenating the northern half of central Manchester, and represents the biggest development project outside of the South East. It encompasses four million square feet of land which will become a mixture of state-of-the-art residential, commercial and leisure properties. For investors, this means plentiful and varied opportunities in what is set to become a prime district, and is already close to some of Manchester’s key cultural and leisure districts.
New Cross, another district close to the NOMA regeneration area, is also set to see significant regeneration. Like NOMA, New Cross is close to existing, prime areas of Manchester’s city centre and is set to see a diverse range of investment opportunities arise.
Investment Areas in Southern Manchester’s
One of the key investment districts in the southern sectors of Manchester’s city centre is the major regeneration zone of Spinningfields. Having been called the Canary Wharf of the North, Spinningfields essentially characterises the commercial nature of this half of the city. Major banks such as Barclays and HSBC are headquartered there, and the district contains over a third of the city’s supply of prime offices and the workplaces of roughly 16,000 individuals. Commercial properties within the regeneration zone and residential properties nearby therefore represent strong opportunities for investment.
St. Johns is another major regeneration zone in the southern part of Central Manchester. It is set to be turned into an up-to-the-minute mixed use district, and is designed to showcase the latest and most innovative development techniques while also preserving historic structures. The regeneration of St John’s is likely to create diverse new opportunities, and have a significant positive impact on the desirability of the surrounding area.