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The History of Salford Quays
Already considered one of the most prolific urban regeneration projects in the UK, the redevelopment of Salford’s MediaCityUK has been a huge magnet for investors. Subsequently, Manchester has become a shining example of regeneration success. Having officially opened in 2012, Manchester’s Quayside docks were previously derelict and unused. Ever since, the development has become a top destination for living and working. In 2016, MediaCityUK announced plans for a ten-year proposal in the area worth £1 billion. Now, a few years on, the plans are well underway, with the media hub set to double in size. As a result, MediaCityUK has become a goldmine of investment opportunities.
Before the emergence of MediaCityUK, Salford Quays was an industrial dockland. During the industrial revolution, Manchester gained prominence as a major manufacturing hub. The Manchester Ship Canal served as a global gateway, but when manufacturing deteriorated, so did the docks and Salford. When ships became too large to transit the Manchester Ship Canal in the 1970s, 3,000 dock workers were laid off. Consequently, Salford Quays became an area of vandalism and crime, in desperate need of rebranding.
The construction of MediaCityUK began in 2007, led by the Peel Group. Ever since, Salford has become a prominent figure in the digital and media scene. The area has become completely unrecognisable and a magnet for business and investment. The BBC, ITV, Ericsson and Kellogg’s all have offices there, alongside 250 other businesses. Not only has MediaCityUK been a blessing for Salford, but it has provided a huge boost to the whole of the North-West. Salford Quays has become an internationally relevant business hub, attracting interest from all around the globe.
As a result, MediaCityUK has not only attracted businesses and investors, but young professionals too. As well as being a fantastic place to work, Salford Quays is in high demand as a place to live. Young professionals are flocking to the business hub to take full advantage of everything it has to offer. Not only that, but the regeneration of Salford Quays has resulted in the creation of numerous campuses for the University of Salford. In turn, this has increased the student population. The rising number of young professionals and students has pushed the construction of more high-quality housing and the £1bn expansion of the area. With housing demand in the North-West peaking, now is the prime time to invest in the city. Vacancy rates of buy-to-let properties will be much lower. Therefore, investors will worry less about having no one to fill their property.
The regeneration project did not end there, as, in 2016, MediaCityUK announced further plans for redevelopment that would span over 10 years. Currently, the project is halfway through. The redevelopment will enhance everything that is already there by introducing 10 new buildings, 2,000 residential apartments, and 540,000 sqft of high-quality office space, retail, and leisure facilities.
On top of this, the expansion brings a plethora of new business opportunities. From jobs in the bustling television industry to serving up cocktails in the bar and restaurant scene, there is a huge variety of employment opportunities. The BBC alone employs over 2,700 people, with nearly 5,000 additional jobs created during the first phase of the regeneration of MediaCityUK in 2007. These figures are expected to rise alongside the businesses growth and the planned developments that MediaCityUK has in the pipeline. In turn, this will accelerate Manchester’s capital growth as job prospects and the local economy will be boosted. Thus, strengthening the property market as the value of the property increases over time. Purchasing a property amid the regeneration of MediaCityUK will result in a higher ROI in the coming years.
MediaCityUK has played a huge part in the redevelopment and rebranding of Salford Quays. It has also been a major factor in Manchester becoming a property investment hotspot. In comparison to other areas of the UK, Manchester’s rising population and affordable prices make it an extremely attractive investment opportunity. Salford Quays, in particular, has seen a rapid increase in demand. The MediaCityUK regeneration project has made Greater Manchester one of the best buy-to-let investment opportunities in the UK.
It has become a fantastic place to live and work, with the job market expanding substantially and showing no sign of slowing down. House prices and rental yields continue to be favourable. And as additional investments and developments are in the pipeline, Manchester will remain an alluring city to live, work and invest in. We have some amazing developments in Manchester, if you wish to speak to one of our property experts visit our website here.
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