Spotlight on Manchester City Centre Regeneration

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How Manchester’s Regeneration Success is Continuing in 2024

Greater Manchester is now the second largest of the UK’s urban economies after London. However, it had previously experienced a post-industrial decline and, like many Northern cities, was neglected and suffered dereliction.

Considering Manchester City Centre’s current make-up, its transformation has been so all-encompassing that many would call the city unrecognisable compared to 20 years ago.

What happened? The short answer is regeneration. Regeneration projects of the past and future are vital factors when determining an area’s profitability for buy-to-let investments. Buy-to-let property for sale in cities undergoing extensive regeneration has the potential for significant capital value growth as the area becomes more attractive, and it also often leads to increases in rental growth and rental demand. With this in mind, it’s imperative to research local regeneration schemes when searching for the best place to buy-to-let in the UK.

So let’s take a look at recent regeneration schemes that have revitalised Manchester and the city centre districts set to see the biggest revamps in the coming years and beyond.

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The Regeneration Story So Far

There have been plenty of notable regeneration projects in Manchester in recent years that have completely transformed the face of the city.

Spinningfields is one famous example. Those behind the project set out to make a new ‘central business district’ in Manchester, akin to Canary Wharf in London. This £1.5 billion project was a success, and Spinningfields is now a world-class business district and a modern hub of leisure destinations and residential developments.

NOMA was one of the most significant regeneration projects in the North West, and it focused on the area around Victoria Station and Angel Meadow. Over the years, new office buildings and a music venue have sprung up in this district, breathing new life into the area. NOMA is a portmanteau of ‘North of England’ and ‘Manchester’, and the neighbourhood now provides a mix of commercial and residential development, recreational and leisure amenities, and new public areas.

After extensive regeneration efforts starting in the 1980s, Castlefield became Britain’s first Urban Heritage Park. The district’s current state is thanks to 40 years of redevelopment, completely renewing the area, and work is still continuing.

Manchester’s incredible growth over the past few decades has been a veritable regeneration success story, but there’s still more to come.

Further Reading: If you’re considering starting a property investment journey, take a look at the buy-to-let costs guide or read up on buy-to-let income tax.

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Piccadilly

Piccadilly Gardens is set to be transformed into a world-class space. As a major route through the city centre, a transport interchange, an event space, and a green space, the area has been singled out as an important location for redevelopment and improvement.

However, the nature of the garden’s revamp is still under consideration, with a team appointed last summer to put forward designs for the area ahead of a planning application.

Meanwhile, Piccadilly East has been touted as the city’s ‘next best neighbourhood’. Derelict industrial sites dominated this area, but many historic buildings are being restored or have already been transformed.

According to Manchester City Council, investment in this area is set to deliver 40,000 new jobs, 13,000 new homes and 820,000 square metres of new commercial development.

Ancoats

Ancoats is a former industrial wasteland now known as one of Manchester’s coolest neighbourhoods for residents, small businesses, and visitors. But the regeneration efforts haven’t stopped, and there’s exciting ongoing work still occurring in the area.

Major investment in Ancoats Green aims to create a new green space for Manchester City Centre, which is set to open later this year. This project will deliver improved cycling and walking routes and considerably boost greenery in the area with new trees, wildflowers, and wetland planting. Ancoats Green will connect the broader community to the new Ancoats Mobility Hub, a £37 million project with construction scheduled for completion later this year.

The Manchester City Council are also working to transform the Poland Street area, adding 1500 new homes in greener streets and spaces.

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Victoria North

Victoria North is set to be the biggest regeneration project Manchester has ever seen, introducing an expansive, new neighbourhood into the community. £4 billion will be poured into this residential-led redevelopment. Spurred on by public and private funding, the project aims for 15,000 new homes, schools, healthcare facilities, and transport links for a new community of over 40,000 people.

Victoria North is currently being worked on, and plans for nearly a third of these new homes were approved in August last year, allowing work to continue on this swathe of land near the City Centre.

The City River Park is considered to be the heart of this redevelopment scheme, providing a diverse and active recreational space for local residents. The design ensures the park is as carbon neutral as possible and delivers quality pedestrian and cycle movement.

St John’s

The St John’s regeneration scheme aims to redevelop the former Granada TV studios site, creating up to 2,000 new homes, office space, retail, enterprise, hotel, leisure, and culture provisions.

Over the next decade, plans for St John’s show that the area will become a new city centre neighbourhood, brimming with creativity, culture, and innovation.

Enterprise City and Factory International based at Aviva Studios are some examples of completed regeneration projects in St John’s that have already succeeded in revitalising the area, and there’s more to come.

The ongoing projects in the pipeline across Manchester City Centre reveal diverse and modern community spaces and look set to transform the city even more, making Manchester an attractive area for investment.

Read More: Learn more about property investment in the Manchester area with some of our recent buy-to-let area guides, covering topics such as available investment property in Bolton and investment property in Oldham.

Author

Jessica Ferris

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