The Effects of Manchester’s Spinningfields Regeneration

What is the Spinningfields Project?

The Spinningfields regeneration project began in the early 2000s with the aim of transforming a former industrial area in Manchester into a new business hub. The project was funded by a mixture of public and private sectors, with major businesses keen to relocate to the Northern Powerhouse city. This was a result of the increasing costs and demand for office spaces in London. The project cost a total of £1.5 billion for the initial 20-building development.

Manchester offers residents many of the same amenities as London, with luxury shopping experiences, top-class eateries, and superb connectivity. At the time, Manchester was a very popular location to live, work and play. However, the city was unable to compete with London, as was the case with many Northern cities. Today, Northern Powerhouse cities are growing at a rate that London cannot compete with, thanks to improved funding and a series of successful regeneration projects, such as Spinningfields.

Is Spinningfields Environmentally Friendly?

Initially, the Spinningfields project moved towards carbon neutrality with the development of green spaces. Now, investors have decided to improve the area further. This will be achieved by introducing the Spinningfields Pavilion, a sustainable space. This will help the area move towards Manchester’s’ zero carbon goal by 2038.

Manchester City Council set the goal of net zero carbon emissions by 2038 and is implementing measures to make sure all major districts can contribute towards this. Spinningfields was built to minimise carbon emissions, with the buildings designed to achieve excellent environmental sustainability standards. Furthermore, the region was designed with improved walkability, meaning road congestion and vehicle usage is reduced compared to other areas of the city.

How Much Does Property Cost?

While the project has been highly successful in attracting major businesses, large office spaces and key amenities to the area. It has also created top-class accommodations for residents. This includes around 450 initial apartments developed in the area. The average value of a 2-bedroom flat in the area is currently £350,000, far higher than the city average of £250,000. This is due to the economic strength and desirability of the area.

The area commands an average rental price of £1,350pcm, much higher than the city average of £975pcm. This is due to the high demand in the area, with many skilled professionals looking for high-quality accommodation close to their employers. The cost of living in the area, while lower than in London, is representative of the success of the project. Growth in the area over a 20-year period has been incredible with a 330% rise in average property prices according to the Office for National Statistics.