Billions of pounds have been invested in our city in the recent year. Manchester will see 10,000 new apartments popping up over the next few years, so does all the money being pumped into the city mark the end of the 2008 economic downturn?
Pre-crisis Manchester saw the development of Spinningfields specially developed by Allied London as a business, retail and residential development. The project was a £1.5bn project that boasted 20 new buildings, totalling approximately 430,000sqm of commercial, residential and retail space.
The area is dominated by commercial office development, with mainly financial and professional service companies filling most of the office space. The area often dubbed as the ‘Canary Wharf of the North’ boasts some big name firms including Deloitte, Barclays and HSBC. It is also home to various different law courts, including Manchester Crown Court and Manchester Magistrates’ Court.
Investment in the city is not just coming from within the UK. Chinese investors have been attracted to the North after the announcement of the Northern Powerhouse and they are not just buying homes here, they are also building them. Property Company, Hong Kong Homes, has already sold over 400 apartments in Manchester so far this year. Further inviting is the plan for the new high speed railway HS2 and the regular direct flights from Manchester Airport to Beijing and Hong Kong.
Investment in the region is also attractive since the chancellor’s increase in stamp duty, with investors coming from London to Manchester to avoid the top-rate duty of 8% on properties over £250,000.
Another country bringing money into our local economy comes from the United Arab Emirates’ region of Abu Dhabi. The owners of Manchester City Football Club, Abu Dhabi United Group, have struck a deal with Manchester City Council that will see 6,000 new homes built over a 10 year period. The first phase of this project on New Union Street is a 300 home £1bn water front development along the canal.
Andrew Whittle, Partner of commercial property and construction consultancy firm Anderton Gables, says:
“Manchester is giving London a run for its money. Manchester is luring investors up the M6 and they are bringing their money with them. This is an exciting time for our region, with multiple billion pound developments rejuvenating our city, bringing thousands of new homes and jobs: a very bright future for the City of Manchester.”
Anderton Gables is an award winning property and construction consultancy firm based in the North of England, who have secured their role as the region’s leading commercial building surveying firm with a string of high profile clients, as well as working with many local small to medium sized businesses.
For more information about Anderton Gables’ commercial building surveying services click here.