Old Trafford Regeneration

Category: Regeneration

The Civic Quarter Area Action Plan is a large regeneration project in Trafford surrounding MediaCity and Manchester United’s Stadium.

The Old Trafford regeneration plan aims to convert several potential development sites and is part of a larger scheme to bring a new vision to Old Trafford. By enhancing the city and supporting the vision for the Trafford Wharfside area, the goal is to make the area an attractive neighbourhood. Therefore, over the next decade, investors can expect to see huge returns on investments.

Author: Sophie Hope

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The Civic Quarter Area Action Plan

The Civic Quarter Area Action Plan has been 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 will bring new life to the area creating a more desirable location for visitors and potential home buyers. Plans are in place to 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.

The Old Trafford regeneration plans aim to create an area of well-connected communities, meaning all amenities, landmarks and public spaces are easily accessible. The vision supports the Council’s goals to reduce health inequalities and to address our climate crisis. The regeneration project is being discussed with sustainability at the heart of the vision.

This scheme is split into 5 areas including; Trafford Wharf, Heritage Quarter, Stadium District, Innovation Quarter and Wharfside Heart.

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Transforming Old Trafford Stadium

'Wembly of
the North'

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

Old Trafford is the most visited football stadium in the UK among global fans, with around 2.5 million visitors a year. Research by Visit Britain shows that the home of the Manchester United Football Club chalked the highest number of international visitors compared to other stadiums. It is also one of the most visited places in the North-West. With plans to improve the stadium and surrounding areas, these numbers will only increase, attracting even more people to Manchester.

The Old Trafford regeneration plan aims to honour the past and step into the future – combining old and new. The project will involve upgrading and enlarging the stadium, improving connectivity, and promoting a greener environment. Ultimately, the aim is to establish a world-class venue – ‘Wembley of the North’.

The project is estimated to take 8 years for the stadium to be complete once started. Redevelopment of the existing structure is still an option that is being considered. Expanding the stadium will equate to the cost of around £800 million, whereas rebuilding the entire stadium will add up to a lot more.

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, Trafford Centre and Manchester Airport.

Investing in Old Trafford now 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.

Manchester's

Property Market

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.

According to JLL, Manchester is expected to have the strongest house prices and rental value growth until 2027. This is great news for investors who will profit yearly as prices increase. Furthermore, Manchester is forecast to experience the largest property price growth across the UK in 2024.

February last year saw the lowest number of apartments available since 2019. This shows that tenants in Manchester are staying put and do not want to leave due to the high competition and large demand-supply gap. This can benefit investors as they can raise rents due to the high demand for properties, boosting their monthly income.

In 2023, the average property price in Manchester was £232,713 with an annual growth rate of 8.73%. Meanwhile, the average price in Old Trafford was £290,623. Manchester’s population has jumped from 422,000 to 600,000 since the millennium (2001) and will continue growing by around 60,000 in the next 6 years. Furthermore, 65,000 new jobs are due to emerge in the coming years due to the regeneration projects. Demand will rocket because of these factors, so now is the perfect time to invest in property – before prices climb.

The demand largely outweighs the supply, and the gap will only expand as the UK’s housing shortage continues. 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.