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30 Jul, 2018

MediaCityUK Plans to Double in Size as Part of a £1bn Expansion

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    MediaCityUK: The Next Chapter in Salford Quays Regeneration

    Already considered one of the most impressive urban regeneration projects in the UK, the popular Salford Quays regeneration project, MediaCityUK, is rapidly transforming and progressing even further. Having officially opened back in 2012, the Manchester docks development of MediaCityUK is one of the countries most prominent commercial developments while also concreting itself as a top destination for living and learning.

    In 2016, MediaCityUK announced plans for a ten-year proposal in the area worth £1 billion. A few years on, and these plans are well underway, with the digital and media hub expected to double in size as part of the expansion. If you’re interested in finding out more about the Salford regeneration scheme, MediaCityUK, be sure to keep reading. This article offers information on some of the ways in which Salford Quays regeneration has transformed the area, and how the redevelopment of Manchester’s MediaCityUK is set to continue over the coming years.

    Media-City-UK

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    Salford Quays Before Regeneration

    So what kind of place was Salford Quays before regeneration, and why was Salford Quays in need of regeneration in the first place? According to Salford Quays history, before the emergence of Manchester Media City UK, the Salford Quays area was an industrial dockland which became derelict after the city’s business scene and the need for Manchester docks had declined during the 1970s. During the period of closure, the Salford docks had become a hub for vandalism and crime, and as a result, were in desperate need of redevelopment, prompting the Salford regeneration scheme we know and love today.

     

    When did the Regeneration of Salford Quays begin?

    It wasn’t until 1985 that redevelopment of Salford Quays began, when Salford city council led fresh construction projects which breathed new life into the area up until 1993. The infrastructure of the docks had been developed to build an internal waterway network, a waterfront promenade, roads and bridges, mooring and watersports facilities, and a railway swing bridge. A hotel, cinema, and housing facilities were also introduced, with the amount of public funding and investment for the area totalling around £280 million by the early 1990s.

     

    The Introduction of MediaCityUK – Salford’s Urban Regeneration Scheme

    Led by the Peel Group, construction for MediaCityUK began back in 2007, marking the beginning of a new Salford Quays and saying goodbye to the once derelict area of Salford Quays before regeneration. Since then, Manchester’s Salford based area has evolved into a renowned hub for business and investment. A multitude of businesses are based in MediaCityUK, including the Northern headquarters of the BBC and offices for ITV, Ericsson, Kellogg’s and 250 more businesses. This has done huge things for the Manchester and North West economy as a whole, with the redevelopment of Salford Quays increasing worldwide interest for the area.

    The significance of the Salford Quays business scene has led to growing demand from young professionals, with more and more people choosing to take advantage of the exciting opportunities on offer in the many office block developments. Not only this, but thanks to the Salford Quays regeneration, several campuses for the University of Salford are based in the area which has boosted the Salford Quays student population. These increased numbers of young professionals and students have encouraged the development of more high-quality accommodation, which is where the expansion of MediaCityUK comes in.

    Salford Quays

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    What will the £1 Billion Expansion involve?

    Further plans for the redevelopment of MediaCityUK include a focus on enhancing what’s already in place by expanding the Salford regeneration scheme further. This will involve welcoming ten more inspiringly designed buildings, almost 2,000 residential apartments, up to 540,000 extra square feet of high-quality office space, and more retail and leisure facilities.

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      Huge Developments

      A big part of the Salford Quays regeneration plans focuses on the introduction of some showstopping new developments. The new wave of structures will include huge developments like a magnificent office building with a crystalline, mirror-effect exterior that will sparkle in the sun, and a dynamic residential apartment block named ‘Lightbox’ with balconies benefiting from beautiful waterfront views.

      New Business Opportunities

      Manchester’s Salford Quays jobs range from working in the bustling studios of television broadcaster giants to serving up cocktails in the many bars and restaurants in its parameters. The BBC alone employs around 2,700 staff, with nearly 5,000 generated in total after the launch of Phase 1 MediaCityUK in 2007. These figures are set to increase as business premises grow in line with the planned development in the Salford Quays regeneration scheme.

      Some new commercial buildings are already in place as part of the expansion regeneration project. A number of companies have moved to the new and recently launched Tomorrow Building Media City, which is a hotel and office environment. This company is a prime example of how MediaCityUK’s expansion is allowing individual businesses to grow and take on more employees.

      Development

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        A Better Quality of Life

        To improve the quality of life for residents living in the area, 11,000 square foot of leisure space is being developed which will be used for events and street food markets set within a public square in MediaCityUK. Manchester has already broken records over recent years due to the number of Londoners choosing to move to the city. By improving and expanding through further Manchester and Salford regeneration, MediaCityUK and the entire Manchester area will become even more appealing to those looking to move away from the capital and take advantage of these affordable North West cities.

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          What does MediaCityUK Mean for Manchester Investments?

          Having quickly evolved into an innovative core for media, MediaCityUK has played a big part in the evolution of Salford Quays before regeneration. Thanks to the strength of the area, Salford Quays has become a UK hotspot for property investment, boasting the kind of excellent rental yields which buy to let investors could have only dreamed of decades ago.

          Because MediaCityUK is such a great business attraction, many young professionals and graduates are choosing to flock to the area to find their next rental property. Manchester’s rising population and affordable property prices make other urban locations appear much less attractive in comparison. With further Manchester and Salford regeneration on the horizon, these areas have secured the title as the number one spot for UK property investment over the next ten years.

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            Invest in the Salford Quays Regeneration Zone with RWinvest

            If you want to get involved with Salford Quays history by investing in this thriving area, be sure to take a look at our current Manchester property investment opportunities. Properties like our Hollywood luxury apartments are located right in the hustle and bustle of MediaCityUK and provide the perfect accommodation solution for residents of the Salford Quays regeneration zone, with easy access to Manchester city centre and rental returns of 8 per cent.

            To find out more about this property and our other Manchester and North West investments, get in touch today and a member of our team will guide you through your options and help you secure your perfect venture.

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            Author

            Dale Barham

            Dale is a property content writer at RWinvest. Keeping a close eye on the UK property market, Dale helps our readers stay informed and up to date on the latest market news and statistics.

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