09 May 2023

Regeneration in Greater Manchester

Category: Regeneration

Manchester is an economic powerhouse, with thriving business hubs and plenty for residents to enjoy. However, Greater Manchester is experiencing economic growth of its own, with the different districts undergoing large regeneration.

This article will explore the different towns and take a look at the development of the areas. Taking into consideration the goals and ambitions of Greater Manchester.

Author: Sam Whalley

Digital Marketing Executive

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Stockport

Stockport has often been considered a town with a fantastic community, which benefits greatly from being close to Manchester. However, Stockport’s own economy has needed a boost for some time. Now, the town is set to benefit from a £1 billion regeneration project, to increase amenities, develop a new business hub and improve the local infrastructure. Stockport Council is focused on developing the town centre into a fantastic area for residents to work, live and play. Additionally, the town is adding a £45 million leisure facility, including a new deluxe cinema, various eateries, and a bowling alley.

Trafford

The Trafford regeneration master plan has attracted massive investment. The project spans a massive 120 acres with over £260 million of investment, bringing over 1,000 new homes and villages to the area. Funds will go towards a new university campus, improved public spaces, a new university campus, housing, office spaces and upgraded cycling routes. The project aims to improve local infrastructure to bring the community together.

Ashton-Under-Lyne

Ashton-Under-Lyne has a few regeneration projects in the pipeline this year. This includes a £19.87 million refurbishment of the town centre, improving the public realm and the pedestrian and cyclist experiences, as well as the creation of new homes, retail and commercial spaces, improvements to the town’s market square and the addition of a health and wellbeing hub.

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Bolton

Bolton is also undergoing a massive regeneration project with £1.5 billion being pledged to transform the town centre. This includes the £250 million plan to replace Crompton Place shopping centre with a 110-bed hotel, 150 new homes, retail spaces, a leisure district and an events space currently named Bolton Works. The scheme covers an area of 64,000 square meters and planning has been approved, with construction going ahead in the near future.

Oldham

Oldham has partnered with Willmott Dixon after successful regenerations schemes in Rochdale and Stockport to transform their town centre. The project will transform the town’s retail and market with an entirely new framework. Encouraging residents to visit the town for a unique shopping experience. Additionally, a 450,000-square-foot development will house a new market, flexible offices, and an events space. Furthermore, £10 million will be invested into upskilling the community in order to create new opportunities for residents and increase employment rates in the area.

Salford

Salford has set the standard for successful regeneration projects in Greater Manchester. The £550 million Media City development has made Salford the nationally recognised capital of the media industry. Additionally, Salford City Football Club stadium is well underway with a £26 million investment into the surrounding area. After raising an impressive £400 million of private sector funding, Greengate Square has recently completed. Finally, the £650 million scheme to transform Pendleton is underway which will see 1,500 new homes built, 1,300 homes modernised and the creation of 500 additional jobs.

Rochdale

Rochdale has approved a multi-million-pound scheme to improve the town’s transport and town centre infrastructure. The development includes over 1000 new homes replacing a former retail park and the introduction of new green spaces. Furthermore, the town is looking to improve signage in the city as well as enhance pedestrian areas. The overall goal of the regeneration is to improve upon what is available in the city. By pedestrianizing areas of the town, the council believes it can make way to create more attractive zones.

CityRise Verdict

Manchester is an impressive city with lots of fantastic opportunities and a fast-growing property market. However, as property prices have risen in recent years, new residents are looking at the surrounding areas for affordable living. The average property price in Greater Manchester is currently £251,000 according to MEN, an increase of 12% over the past two years. Therefore, Greater Manchester has experienced an influx in population. As a result, the regions have invested heavily to compete and attract new residents.

Most Greater Manchester towns are less than a 20-minute train journey away from Manchester City Centre, making it extremely attractive to tenants and owner-occupiers. Therefore, whether you are a buyer or an investor, the region is a perfect place to acquire property. The rental market and housing demand is high; therefore, property prices and rental costs are increasing.