The Future of Regeneration in the North West
It is predicted that by 2024, property prices in the North West will have risen by 24% since 2019. These promising property price growth predictions, as well as the ever-growing population and regeneration of the UK’s North West region, mean there are exciting times ahead for the upper half of the country. The North West is on track to remain as strong as ever in 2023 too. One main way the region is forecast to thrive further is with the ongoing regeneration throughout the area.
Both Liverpool and Manchester are highly-influential cities and despite being in the North are some of the most populated areas in the UK. The vast regeneration schemes that have improved both city centres have proved successful in driving economic change and population growth.
Are you interested in finding out what’s in store for the Northern cities regeneration in the next year? We’ve rounded up Liverpool and Manchester regeneration plans for the future and the previous projects that have positively impacted the cities.
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Manchester Regeneration Plans
Manchester is known as the capital of the North. The city is nestled in the heart of countless regeneration projects and has undergone vast changes throughout the last few decades. The city, along with Salford, is an innovative hub for corporate, creative and retail businesses. The regeneration projects in Manchester (organised by both the local council and private businesses) have changed the skyline and alterated what individuals think of the Northern city.
What does the next year look like for Manchester regeneration plans? There are a few developments that are scheduled for completion and other plans that are starting to take shape in the city centre as well in the surrounding city areas.
100 Embankment Manchester – An Innovatively Designed Office Block
100 Embankment is a highly-anticipated addition to North West. Located in Salford and sitting alongside its sister building, 101 Embankment, 100 Embankment will consist of a nine-storey office block complete with a roof terrace offering views of Manchester and Salford. Manchester is one of the UK’s youngest cities, with crowds of young professionals choosing to live and work in this Northern Powerhouse. By introducing innovative new office spaces, the completion of 100 Embankment will attract even more workers and businesses to the North West and strengthen the economy through more jobs, making this one of the most promising regeneration projects the UK will see this year.
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Liverpool Regeneration Plans
Liverpool has seen vast regeneration throughout the last two decades. The influx of regeneration projects has meant that more investors are moving north from the south and cities like London. Investors are now seeing the large amounts of capital they can receive from investing in a high yielding city such as Liverpool. In fact, the L1 Liverpool postcode has been named the top buy to let rental yield area in the whole of the UK, and the regeneration has a lot to do with this.
So, what’s in store for Liverpool and its regeneration in 2023? Let’s take a look…
Bramley Moore Stadium
Everton’s upcoming stadium at Bramley Moore will serve as a remarkable addition to the city’s renowned waterfront. Construction remained consistent throughout last year, with some solid progress on the site.
Once fully completed, Bramley Moore will accommodate a crowd of around 52,000 and incorporate various bars, restaurants and experiences. The club has prioritised fan involvement throughout the entire design process and is expected to be ready for the start of the 2024/25 season, meaning that the majority of the work will take place throughout 2023.
With the potential to generate 2.5 million square feet of space and numerous job opportunities within a decade, this new district in the heart of the city holds immense promise.
Spanning 56 acres and nestled between Mount Pleasant, Copperas Hill, and Lime Street Station, Upper Central has been captivated many since it was first revealed in 2019.
Recognised as a “key” gateway to the city’s Knowledge Quarter, this area aims to provide commercial facilities tailored for tech and digital businesses. Additionally, there have been suggestions of creating a vibrant public space (similar to Times Square) outside the Adelphi Hotel.
In March 2022, Liverpool City Council conducted a public consultation, propelling the plans for establishing this district forward. This positive step sets the stage for the subsequent development in 2023.
One Baltic Square Completion – A Skyline Altering Development
The Baltic Triangle area has played a huge part in the ongoing regeneration of Liverpool. The area is constantly evolving and strengthening its name as one of the most innovative neighbourhoods. The Baltic Triangle was even named the top ‘coolest’ place to live in 2017 by The Times. One Baltic Square, a skyline altering development is set to complete by the end of 2023. It is a striving new residential development forming a unique urban village made up of five buildings. The Liverpool development is set to be one of the biggest city centre developments and will cater to a plethora of young individuals as the scene of professionals grows in the Baltic area.
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From the exciting 2023 regeneration plans the two cities have, it’s no wonder that the North West is thriving and property prices are soaring (with no signs of slowing down). Rental demand is at an all-time high, and countless large corporations are making their way up to these Northern cities to see what all the fuss is about.
If you’re an investor interested in finding out more about how the regeneration in Liverpool and Manchester is positively impacting property investment, contact RWinvest for more information. We are involved in countless developments and projects across the North West and the UK.