Brownfield sites will provide the space for exceptional mixed-use developments
Better use of brownfield sites, a lower impact on greenbelt, and a refocusing on Manchester’s city centres. That’s what the redrafted Greater Manchester Spatial Framework (GMSF) promises property investors, homebuyers and residents in the vibrant city region.
In this article, you’ll learn more about these new plans and how the regeneration concepts of two of Manchester’s town centres could offer some fantastic opportunities for property investment in Manchester.
The first consultation closed, new plans to be drawn
The first round of public consultation on the GMSF has closed and the results published. With more than 27,000 people responding, it became clear that the biggest concern was the amount of greenbelt that had been allocated for development. The ambition to build was cheered, but where this building would take place wasn’t universally applauded. In reaction, Manchester’s mayor Andy Burnham accepted that the plan needs radical change, and has promised to refocus on “transformational development opportunities for our towns”.
He has promised that each of Manchester’s boroughs will have the opportunity to nominate a town with regeneration potential and that the aim will then be to kick-start regeneration efforts to breathe life into the smaller towns. The new plan should ensure the right mix of homes across the city region, building communities connected to employment and leisure in town centres with existing and planned transport in Manchester – a city linked to property investment.
Leading up to the finalised plans to be published in June 2018, the GMSF will publish data and other associated information such as population, household, and economic projections. If these are anything like those produced by BNY Mellon, property investors should get very excited.
Manchester – fast economic growth and a population that needs homes
In 2015, BNY Mellon, the global investment company, celebrated its 10th anniversary in Manchester by producing a report (Manchester 2025) detailing its forecasts for Manchester. They should know something about the city, too. When they first opened here, they employed 55 people in their Manchester office. They now employ more than 1,100. At the time, Matt Wells, the Manchester Site Executive at BNY Mellon said, “The over-arching message of Manchester 2025 is that the next decade promises much, including more jobs, large-scale investment and a city that is playing an increasingly crucial role in the future of the UK economy. This potential will not be fulfilled without collaboration and a huge amount of determination, but Manchester 2025 demonstrates how well-positioned the city is to become a truly global destination.”
Here are just a few highlights from that report:
- At least 5,000 jobs a year will be created in Manchester city centre alone.
- It will attract “significant investment” over the next decade and cement its position at the centre of the Northern Powerhouse.
- The number of people living within an hour of Manchester is set to double to 15 million by 2025.
- The city’s population will grow by around 125,000.
- 9,000 new homes will be needed in the Manchester city region every year to satisfy demand.
Manchester’s town centres will need to gear up rapidly for growth.
What Bolton town centre may look like in the future
The council in Bolton recently produced its masterplan, a £1 billion facelift for its town centre. It includes 1,800 new homes and forecasts creation of almost 8,000 new jobs.
The plans centre on five strategic sites: Trinity Quarter, Cheadle Square, Crompton Place, Church Wharf, and Croal Valley.
The blueprint is typified by plans for Trinity Quarter, with office and residential development, pedestrianisation, open spaces, and four new squares.
In Cheadle Square, housing and apartments are planned, while Church Wharf would be designated as a new town centre quarter, again providing residential opportunities. River Croal is ideal for homes with a river frontage and public parks.
Sale – a projection into the future
Sale councillors have welcomed a plan to regenerate the town centre, with hundreds of new homes, a cinema, and new retail space in the pipeline. To make way for the development, six retail buildings, the three-storey Sibson House, and a multi-storey carpark would all be demolished.
Christopher Bond, a branch manager at a Manchester estate agent, told the Manchester Evening News that he could only see positives from the planned regeneration of Sale town centre. “There has been very little change to Sale town centre itself for some years despite it being an ideal location for families and perfectly positioned for those commuting to the city centre,” he said.
Manchester has an incredible transport network, and town centres like Sale and Bolton are ideally located for commuting into the city centre. Of course, these won’t be the only opportunities for property investors to profit from investment in Manchester. To discover where you can invest to maximise the fantastic potential of this global city, contact one of the Gladfish team today on +44 207 923 6100.
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