Old Trafford Regeneration

Category: Regeneration

Old Trafford is undergoing major regeneration, enhancing the city and supporting the wider vision of the city. The Old Trafford regeneration projects aim to make the area an attractive neighbourhood. Therefore, over the next decade, investors can expect to see huge returns on investments.

The Civic Quarter Area Action Plan and the revitalisation of the Old Trafford Stadium are 2 of the largest projects currently taking place. Let’s look at them in more detail…

Author: Sophie Hope

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Old Trafford is slowly becoming a desired residential area for those who do not want city centre living. This is due to the amenities available within walking distance. Old Trafford is also on the Metro line to Manchester city centre, the Trafford Centre and Manchester Airport.

Investing ahead of the Old Trafford regeneration is a strategic move for property investors who want to maximise capital growth potential over the next decade, as the area becomes more desirable and with extensive plans in the pipeline.

The Old Trafford regeneration projects are also being discussed with sustainability at the heart of the vision. This further boosts the appeal of sustainable living is becoming increasingly popular amongst both investors and tenants.

Transforming Old Trafford Stadium into 'Wembley of the North'

The largest Old Trafford Regeneration project currently taking shape is the transformation of the Old Trafford stadium. Sir Jim Ratcliffe, a co-owner of Manchester United, presented a £2 billion idea to replace Old Trafford with a ground that can be utilised as a national venue. The Council approved this Old Trafford regeneration vision as it perfectly aligns with the wider plan to transform Trafford on a larger scale. The Trafford Council has announced plans to also regenerate the surrounding area, with the stadium transformation at the centre of the proposal.

The Old Trafford regeneration aims to honour the past and step into the future, combining old and new. The project will involve building a new stadium, opposite the current ground, with a capacity of 100,000, improving connectivity, and promoting a greener environment. Ultimately, the aim is to establish a world-class venue – ‘Wembley of the North’. The Old Trafford regeneration project is estimated to take 5 years for the stadium to be completed once started. Manchester United recently announced that the plans for the new stadium will be designed and led by the London-based architecture firm, Fosters + Partners.

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The Civic Quarter Area Action Plan

Another major project in the Old Trafford regeneration is the Civic Quarter Area Action Plan. Proposed to create more than 4000 homes, 2 hotels, a primary school, a retail park, and a new neighbourhood on the former Greater Manchester Police HQ site, this Old Trafford regeneration project will bring new life to the area. As a result, the 5 areas, including Trafford Wharf, Heritage Quarter, Stadium District, Innovation Quarter and Wharfside Heart, will become more desirable locations for visitors and potential home buyers.

Plans are in place to also improve connectivity from Trafford Wharfside to the city centre. A ‘processional route’ plan is also underway, from Lancashire Cricket Club to Manchester United’s Stadium, with improved cycle and pedestrian connections across the areas.

As part of this Old Trafford regeneration plan, Trafford Council aim to create an area of well-connected communities. Meaning all amenities, landmarks, and public spaces are easily accessible.

Trafford Wharfside Master Plan

The Trafford Wharfside master plan is a large regeneration scheme taking place on the south of Old Manchester Docks. This is the final piece in the middle of all the previous or in-planning Old Trafford regeneration projects, completing the area.

The project covers over 45 hectares and is set to help boost economic growth and develop a true community. Plans in place promise to enhance and protect the nearby cultural and architectural heritage and ecological assets that the area benefits from.

As part of this Old Trafford regeneration, there will be revitalisation of forgotten railway arches, creation of new walking and cycling routes, and the construction of a more diverse selection of homes and a new accessible, high-quality waterside environment.

Divided into 5 distinct zones: Heritage Quarter; Trafford Wharf; Wharfside Heart; and Innovation Quarter, this scheme is set to transform the area. Each zone is decided based on the different scales, characters and uses proposed. The council aims for each zone to work in collaboration to develop a comprehensive master plan to rebuild Old Trafford.

The Effects of the Old Trafford Regeneration

Manchester is one of the most impressive hotspots in the UK due to its incredible growth and capital growth potential. Home to many large business headquarters, Manchester attracts numerous skilled professionals for job opportunities, creating a constant increase in demand for rental accommodation. This steady influx of potential tenants is why many investors are confident in Manchester’s buy-to-let market.

The population in Manchester jumped from 422,000 to 600,000 since the millennium (2001) and is due to grow by around 60,000 in the next 6 years. The ongoing projects, such as the Old Trafford regeneration, are only going to boost that as the appeal and quality of life increase in the city. Furthermore, 65,000 new jobs are due to emerge in the coming years as a result of the regeneration projects. Demand will rocket because of these factors, creating a boost in returns, so now is the perfect time to invest in property.

The demand largely outweighs the supply, and the gap will only expand as the UK’s housing shortage continues and demand continues to rise. Meaning competition will be strong, and prices are likely to increase. Buyers will also be made to move to nearby, easily connected suburbs due to the supply in the centre not meeting demand, which will grow the need for accommodation in nearby suburban towns such as Old Trafford.