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Often known as the Capital of the North, Manchester’s thriving economy has become the envy of many UK cities. Several regeneration schemes are underway in the booming city, and additional projects are in the pipeline.
These successful regeneration schemes have strengthened the economy in the city. As a result, it is boosting career prospects and employability in the area and increasing rental demand. Therefore, the city has gained a reputable name with property investors nationally and internationally. The property market in Manchester is unparalleled as property demand outstrips the supply of stock. Due to a shortage of properties on the market, competition is high, causing prices to inflate. Although property prices are rising with speed, they are still phenomenally cheaper than in London. Investors who purchase property early on in a growing market can achieve a higher ROI in the coming years.
You may have already heard of some of the larger-scale projects such as MediaCityUK, Spinningfields and Manchester Waters. NOMA is another key large-scale redevelopment scheme that has completely transformed the city.
Biggest Development Project in the NW
The NOMA scheme is the most significant development project in the Northwest. The name of the project is derived from the location of the project, North Manchester. Focusing on the derelict areas of Manchester, it covers an impressive 20 acres of land and is costing over £800million! The scheme is one-of-a-kind, reshaping the heart of the city. Although the project will complete in 2029, it has already welcomed over 5000 jobs into the city. There has been a noticeable shift in business giants moving offices to the North and NOMA is now home to Amazon’s first HQ outside of London.
NOMA offers the perfect balance of a commercial and community space whilst embracing Manchester’s cultural heritage. Once complete the complex will be a destination like no other. The project focuses on revitalising older buildings into contemporary and high-quality structures. In addition to the design, sustainable initiatives are being considered. The real estate sector is ultimately focusing on a greener and more responsible future. Therefore, the 20 acres will not just comprise premium office real estate. The redevelopment will offer over 4 acres of outdoor space for residents.
One Angel Square
Located at the heart of the NOMA complex, you will find One Angel Square. The iconic headquarters of the Co-Operative Group. The unique building has an exceptional architectural design. One Angel Square takes sustainability and innovation to the next level.
Did you know, One Angel Square is one of the most sustainable buildings in Europe? Remarkably, the building generates heat and power through a clever heat recovery system. The system takes in the waste heat generated by the IT systems and uses it to heat the building. In addition to this, the double-skin exterior insulates the building during winter and reduces heat during warmer months.
Alongside this innovative heating system, the development includes low energy LED lights, rainwater recycling systems for toilets and high-efficiency passenger lifts. The BREEAM environmental rating scheme rates this development as ‘Outstanding’ at an impressive 95.32%. The design aims to achieve a 40%-60% reduction in energy consumption. In addition, the building produces surplus energy and zero carbon emissions.
Property investment is no longer a London-dominated market and many investors are starting to purchase property in the North. Manchester is at the heart of the Northern Powerhouses UK resurgence. The market growth to date has been impressive and Manchester’s status as a global city continues to grow as it draws in international property investors. Property enquiries in Manchester are rising year on year as people and businesses discover the increasing potential of investing in the North.
The property market in London is experiencing slow growth. Therefore, investors are turning to Manchester to reap the benefits. The North-West region boasts some of the most affordable house prices in the UK, especially in comparison to the South. Manchester has the highest property price growth than anywhere else in the UK. Over the decade, property prices have grown by 52.73%. Rental demand is stronger than ever, and rents are climbing above the national average – making it the perfect time to invest.
According to research by Savills, rents in the city will grow by nearly 20% by 2025, demonstrating the lucrative returns available in Manchester. There is no better time to invest in the city as prices are still affordable, this is a huge draw for investors. Average rental yields in Manchester consistently exceed the national UK average.
According to Zoopla, the average property price in Manchester is £235,337 compared to a staggering £700,325 in London. These market conditions present fantastic buy-to-let opportunities. Investors could build a small portfolio of properties in Manchester for the price of one in the capital, with a much higher return on investment. Speak to one of our Investment Consultants today to secure your next investment.
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