Why Is Castlefield Off Plan Property Investment In High Demand?

Castlefield is one of Manchester's most popular areas for off plan property investment. This vibrant district is in high demand with investors as the area is benefiting from considerable regeneration and investment, with a number of new developments and schemes recently completed and underway. This means that massive growth awaits Castlefield Off Plan Property Investment.

Plus, as a district steeped in culture and heritage, Castlefield boasts its rich history mixed with modern lifestyle and amenities, attracting businesses, residents and tourists alike whilst boosting the local economy and making Castlefield an attractive place to live, work and invest in. 

Additionally, Castlefield enjoys excellent transport links, being well served by road and rail networks, and a 16-minute drive airport. This makes it an ideal location for commuters working in Manchester city centre or other parts of Greater Manchester and the world. 

With these all, Castlefield becomes an ideal area for investors who are snapping up off plan property investment opportunities as quickly as they become available. 

Castlefield Is In The Heart Of Manchester City And Near The Booming Salford: Ideal For Long-Term Property Investment

Castlefield is a luxurious property investment hotspot at the heart of Manchester's city centre. As part of Manchester, Castlefield benefits from the city centre’s opportunities, economic growth, and developments, making it a great area to build every investor’s property portfolio. 

Plus, its neighbouring city — Salford, has a strong emphasis on innovation, arts, culture, and business. Salford also receives huge government investments for regeneration and new developments, with their focus on economic growth for the region.

Salford’s £550 million investment in MediaCityUK transformed its area into a unique waterfront destination. Castlefield residents can easily access Salford Quays, MediaCityUK, and Manchester city centre by foot. They can also use public transport such as buses with daily services.

With these, house prices and rental yields in these and neighbouring areas are rising, making Castlefield one of the UK’s premier off plan property investment hotspots.

Flourishing Property Market And Rental Yields In Castlefield

Since Castlefield is one of Manchester’s most sought-after neighbourhoods, the district offers excellent rental yields and great potential for capital growth. 

The property market in this area has flourished over recent years, and it’s clear why investors are so interested — because of its convenient location, developments, and unbeatable access to everything Manchester and Salford offer.

To date, Castlefield property investment's average rental yields are from 4.5% to 5.4%, with an average property rental at around £914 per calendar month.

With these and the upcoming new-build developments in Castlefield, investors could potentially buy off plan and benefit from higher yields and capital gains.

Manchester’s Upcoming Regeneration Projects Strengthen Castlefield Off Plan Property Investment

Manchester is known as the fastest-growing property market in the UK. Thanks to its regeneration projects and new developments — including the £8.2 billion inward investment over the last 10 years, inner-city conservation areas like Castlefield benefit from off plan property investments.

With its expansion worth £1 billion, Manchester’s Airport is expected to cater to 22,000,000 passengers each year to 255 destinations, creating 1,500 new jobs.

Meanwhile, the High Speed 2 — the fastest train in Europe, which makes London only an hour away,  will help secure investment years before it arrives. It has the potential to double Greater Manchester’s economic output to £132 billion by 2050 with 96,000 new jobs and 16,800 new homes. 

Added to these are four regeneration projects which will create 45,000 new jobs and 8.7 million square feet of new commercial space.

These include the Great Ducie Street to expand the city centre significantly, the ID Manchester with £28 million public realm developments, the Central Retail Park for ample green space, and the Mayfield with 2.3 million square feet of commercial space and 120,000 square feet of landscaping, including a brand new 6.5-acre park.

Promising Transport Links Promotes Off Plan Property Investment Whilst Connecting Castlefield With The World

Castlefield Off Plan Property Investment is becoming an increasingly popular investment option as investors are seeing the massive benefits of Castlefield’s transport links. Having reliable transport links means tenants looking to rent in Castlefield can be sure that they will be able to get around easily, which is a big plus point when it comes to tenancy and returns on investment.

If tenants are looking to explore the city while staying close by, they can take a walk on Deansgate. The tram and train stations are only within five minutes walk, plus there’s a free Metroshuttle bus to cover their travel needs.

They can also take a walk or ride a bike to one of the many local shops, cafes, bars, and restaurants which will surely please their taste buds.

The new High Speed 2 (HS2) will provide easy connections to the capital and halve the tenant’s journey times. This investment will benefit residents and visitors from the 41-minute travel connection to Birmingham, not to mention the one-hour and 11 minutes cut on the travel time to London Euston.

Lastly is the £800 million investment in Manchester’s airport with direct flights to over

200 destinations worldwide.

Local Amenities Within Castlefield To Boost Off Plan Property Investment

With Castlefield’s abundance of local amenities for tenants, investors are quickly recognising the property growth potential that Castlefield has to offer. Today, Castlefield offers vibrant and modern waterside living and a more relaxed pace of life. It is complemented by heritage areas, quaint cobbled streets, appealing bars, al fresco wining and dining, and music and entertainment. 

Castlefield is the home to Britain's first Urban Heritage Park, the famous Castlefield Bowl outdoor arena —  outdoor music and entertainment venue with an 8,000-person capacity, the famous Museum of Science and Industry, and the Castlefield Gallery.

Moreover, the £1.8 million transformation of Castlefield Viaduct into a ‘sky park’ similar to the High Line in New York will serve as a tourist attraction and an outdoor meeting place for tenants. 

Besides its local amenities, Castlefield has easy access to anything a tenant could want. This includes green spaces and countryside thanks to the nearby Metrolink and railway stations.