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Manchester and Liverpool are two UK cities that have earned a place as some of the countries top up and coming locations. Thanks to ambitious redevelopment and regeneration programmes, Liverpool and Manchester have evolved from their days of economic decline, becoming two of the most prominent cities in the UK.

Since the turn of the millennium, both cities have undergone significant levels of investment, leading to changing patterns in the property market. Liverpool is a strong city that has transformed into one of the UK’s best business and leisure destinations, attracting young professionals and tourists from all around the globe.

Similarly, Manchester has built on its industrial heritage with ongoing regeneration, helping to reinforce Manchester’s position as a Northern Powerhouse city. Both cities are prime buy to let hotspots, with more and more people being attracted to the opportunities for property investment Manchester and Liverpool offers.

So what regeneration has each city seen, what is yet to come, and what does Liverpool or Manchester regeneration mean for each city’s property market?

Manchester Property Search
Manchester Property Search

Manchester regeneration

There’s been several ambitious Manchester regeneration projects over the last decade that have aimed to reshape the city’s derelict buildings and sprawling wasteland and transform it into an impressive emerging city. Providing a stark contrast to the vision of Manchester in the 60s and 70s, vibrancy and life have been injected into the city, totally transforming its landscape. However, one of the biggest catalysts that spurred on Manchester’s redevelopment was the 1996 bombing in the city.

On Saturday 15th June 1996, a bomb was detonated in Manchester city centre. The damage left the Arndale Centre and Shambles Square in complete devastation. This tragedy provided the springboard to reconstruct the buildings and begin the remodelling of the city. A master plan of redevelopment was formed, aiming to restore existing buildings while introducing the development of new cutting-edge architecture into the area. It was then that Manchester was beginning to change shape and visions for the future were starting to take form.

Manchester Piccadilly Regeneration

Manchester Piccadilly regeneration plays a big part in the city we have today. The year 2002 marked the redevelopment of Piccadilly Gardens – one of the biggest Manchester regeneration projects the city has seen. Piccadilly Gardens is situated in the heart of the city centre, within walking distance of both the Northern Quarter and the bustling shopping district. With a major transport interchange, Piccadilly Gardens provides the perfect transport hub, with easy access to a number of trams and buses.

Manchester Piccadilly station is also a prime regeneration spot. Plans for this station fall under the High Speed 2 and Northern Powerhouse Rail schemes, which will transform Piccadilly Central into a modern district and gateway to the city.

manchester regeneration areas

NOMA Manchester

In the north of the city is NOMA, an £800 million Manchester regeneration project that’s been labelled one of the largest in the north-west. Led by the Co-operative Group, NOMA Manchester focuses on revitalising the north area of the city centre, benefitting the city’s residents and attracting more investment. The NOMA Manchester regeneration scheme aims to introduce 15,000 jobs and 4 million square feet of office, residential, leisure, hotel, and retail space.

MediaCityUK

 A previously run-down area, the introduction of Salford’s MediaCityUK has propelled Manchester into an international hub for technology, broadcasting and innovation. Thanks to the presence of some huge names such as the BBC, MediaCityUK does a lot for the Manchester business scene, attracting new residents such as young professionals to the city, and thus, increasing investments. Working harmoniously alongside a plethora of other Manchester regeneration projects, MediaCityUK is strengthening the city’s prospects, appeal, and popularity.

Liverpool Regeneration

Liverpool regeneration has been huge for the city and the UK as a whole. However, while Manchester regeneration was helping to rebuild the city throughout the 90s, Liverpool development projects didn’t begin until the early 00s. In 2004, £1 billion was invested in order to kick-start Liverpool regeneration, and the city hasn’t looked back since. Liverpool’s many urban regeneration projects have benefitted the city significantly, with no signs of slowing down.

Liverpool One

Having opened back in 2008, Liverpool One was the first pioneering project witnessed by the city. Forty-two acres of land was used for the Liverpool One regeneration scheme, bringing some big retail names such as John Lewis and Debenhams to the city, along with an Odeon cinema, leisure facilities, and office blocks. The Liverpool One regeneration project contributed massively to Liverpool’s economy, creating friendly competition for its neighbouring city, Manchester. The number of visits to Liverpool One reached a huge 13 million in just one year, while simultaneously boosting visits to the Liverpool Albert Dock to around 100,000 a week.

Albert Dock

Opening in 1846, the Albert Dock is one of Liverpool’s most prominent landmarks. The docks thrived for half a century, but by 1900, became too small for the large iron and steel steamships to operate. This highly acclaimed site was given a Grade 1 listed building status, along with being named a conservation centre as well as a UNESCO World Heritage Site.

Liverpool development projects on the Albert Dock began in 1983, resulting in the 1.3 million square feet of mixed-use land we have today. A number of fantastic attractions reside in the Albert Dock, including the famous Liverpool Tate gallery, along with a host of trendy restaurants and bars, retail spaces, and residential property developments.

Liverpool Waters

Liverpool Waters is one of the most adventurous projects, and a big topic of interest when it comes to discussions on Liverpool regeneration in 2018 and 2019. Situated on Liverpool’s northern docks, Liverpool Waters is a £5.5 billion project set to transform the city’s waterfront. Around 1.2 million square metres of property and 15,000 hectares of land and water will be redeveloped through this project, bringing new attractions and housing to the city. Not only will Liverpool Waters benefit residents of Liverpool, but it will also boost the economy and increase investments.

Buy To Let Manchester
Benefits of Manchester Off-Plan Property

Which city has the most potential?

All in all, both Manchester and Liverpool have a lot to shout about when it comes to regeneration. For Liverpool regeneration, 2019 has been a big year so far, with a range of new plans being introduced such as a further expansion of Edge Lane shopping park, the introduction of new hotel developments, and, of course, new residential apartment building plans.

The choices of Manchester regeneration 2019 has announced have also generated excitement, including the construction of many new residential properties, new tall building plans, and more. The redevelopment that both these north-west cities have seen has helped grow their status as property hotspots and increased the number of investments made.

In terms of potential, it’s clear that investors interested in making property investments in either Manchester or Liverpool should definitely consider both these cities. Both Liverpool and Manchester boast some of the best opportunities for investment, with higher than average rental yields and the fastest house price growth of any UK region. Extensive Liverpool and Manchester regeneration have meant that both these areas show huge promise for forthcoming years. Investors that spread their risk between both these north-west cities should expect to see their investments thrive both now and in many years to come.

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