Manchester Regeneration Report 2019/2020

MANCHESTER T H E N A N D N OW THE PAST, PRESENT AND FUTURE OF ENGLAND’S MOST LIVEABLE CITY

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MANCHESTER THEN AND NOW

Manchester is one of England’s liveliest and largest cities. Home to 545,500 people, the city lies within the second most populous area of the UK, Greater Manchester, with a population of 2.8 million. It is home to a distinctive culture, with an impressive artistic, musical, theatrical, architectural and literary offering.

“Our population and economy continue to grow impressively and we are rightly

The Industrial Revolution was the making of modern Manchester, but the town actual dates back to Roman

proud of Manchester’s reputation as an

Times. Since then, it has risen to global prominence, rivalling (and sometimes surpassing) London in many

international, outward-looking city.”

global city rankings and delighting visitors and investors from around the world.

In recent years, Manchester has made a name for itself as the UK’s most vibrant media hub, drawing creative talent away from other major cities as a result of its exceptional offering.

Sir Richard Leese, Leader of Manchester City Council

MANCHESTER THEN AND NOW

A C I T Y AT T R A C T I N G G L O B A L AT T E N T I O N Manchester has risen to global prominence for a number of reasons. The modern, striking architecture of the city has given it a new, dynamic feel, while balancing beautifully with a warm, welcoming population. According to the Economic Intelligence Unit’s 2018 Global Liveability Index, Manchester is the most liveable city, outstripping London, Edinburgh and all other UK cities. The city now ranks 35th globally and was marked out as enjoying the biggest improvement over the past year of any city in the ranking, bar Paris.

Manchester’s rich cultural scene has much to do with its impressive liveability ranking. With venues such as the Whitworth Gallery (dubbed the country’s “most intriguing art gallery” by Rough Guides), the Royal Exchange Theatre’s Hamlet and some of the best libraries in England, the city attracts a cultured, sophisticated crowd – particularly the city centre and the latest regeneration areas. The cultural offering is such that Rough Guides named Manchester as the UK’s new cultural hotspot in June 2018.

Manchester’s global prowess has not been lost on investors. An August 2018 report from IBM ranked it as tying with Liverpool for tenth place in a list of the world’s most popular destinations for foreign direct investment (FDI) in 2017. Manchester was found to be home to the largest number of investments coming into the UK outside of London. Manchester (and Liverpool) accounted for the creation of 7,000 jobs in 2017 as a result of that FDI.

MANCHESTER THEN AND NOW

“Greater Manchester is ambitious, visionary and passionate about the future. Billions of pounds are being invested to create inspiring, connected business environments that support innovation and reflect future needs, and ensure that the region continues to be a draw for the world’s most innovative companies and biggest brands.”

Tim Newns, chief executive, MIDAS (Manchester’s inward investment agency)

MANCHESTER THEN AND NOW

FO RMERLY HOM E TO THE BBC ’S M ANCUNIAN H EA D Q U A RTER S C I R CLE S QUARE I S U ND ER G O I N G A S UCCES S FUL REG ENER ATI O N P L A N

MANCHESTER THEN AND NOW

T H E R O O T S O F R E G E N E R AT I O N Much of the FDI pouring into Manchester has focused on the city’s innovative regeneration schemes. Manchester is home to a host of exciting projects, including the £800 million NOMA business and technology hub and the £1 billion Middlewood Locks regeneration corridor.

Each area has inspired the development of superb residential accommodation. Just 300 metres from NOMA, Ancoats Gardens provides airy, light-filled residences for the city’s driven young professionals. Over in the Middlewood Locks area, Middlewood Plaza is home to capital quality apartments that can’t help but charm the city’s media and creative types.

Both developments offer a tantalising array of stirring social spaces, from the stunning roof garden and relaxing coffee lounge at Ancoats Gardens to the impressive roof terrace at Middlewood Plaza, with its views over the city. They have been designed to offer aspirational homes to Manchester’s talented workforce – those responsible for building the city’s bright future over the years ahead.

“Today Manchester dominates the headlines with a slew of galleries, venues and festivals. It’s home to some of the UK’s most Sir Richard Leese, Leader of Manchester City Council forward-thinking developments, one of the coolest music scenes and a fast-expanding range of great hotels and restaurants.”

David Atkinson, Rough Guides

MANCHESTER THEN AND NOW

B U I L D I N G O N A F I R M F O U N D AT I O N Manchester’s population grew by 19% in the decade to 2011, with city planners projecting it will reach 625,000 by 2025

Manchester really came into its own as a city as a result of the Industrial Revolution. Around the turn of the 19th century, the city’s industrial textile boom transformed it from a township into a vast urban area. It rapidly grew into the world’s first industrialised city, reshaping the way that cities around the world thought about matters of industry, dynamism and workforce housing. The opening of the Port of Manchester in 1894, as a result of the creation of the Manchester Ship Canal, played a key role in this fast and largely unplanned urbanisation.

Deindustrialisation in the mid 20th century lead to Manchester’s population declining, but the extensive investment and regeneration work that has been taking place since the mid-1990s has done much to reverse the city’s demographic fortunes and attract a fresh wave of inward migration. Manchester’s population grew by 19% in the decade to 2011, with city planners projecting it will reach 625,000 by 2025.

From talented young professionals to bright undergraduates staying on after university, Manchester is benefitting from a youthful, fresh vision of its future. Upwards of 50% of the city’s graduates stay on after leaving university, making Manchester second only to London in terms of the percentage of the UK’s total graduates who work there, according to Centre for Cities.

MANCHESTER THEN AND NOW

The vision for Manchester’s bright future is defined in the Our Manchester Strategy – a collaborative approach between the city council and its residents and businesses that lays out a path to robustly securing Manchester’s position as a top-flight global city by 2025.

The Our Manchester Strategy is designed to ensure that Manchester is:

A thriving and sustainable city

A liveable and low-carbon city

A highly skilled city

A connected city

£

A progressive and equitable city

20 new buildings providing 430,000 square metres of commercial, residential and retail space.

MANCHESTER THEN AND NOW

R E G E N E R AT I O N S U C C E S S E S Over the course of the past 20 years, Manchester has been

The £1.5 billion Spinningfields project is an excellent example of Manchester’s recent regeneration work.

home to some outstanding regeneration successes. The

Visionary planners set out to create a haven for the UK’s financial sector, with 20 new buildings providing

large scale regeneration of the city centre has transformed it into a superb example of contemporary urban planning, with the 2002 Commonwealth Games serving to drive forward a number of projects.

430,000 square metres of commercial, residential and retail space. The resulting “Canary Wharf of the North,” which was completed in 2017, has seen HSBC, RBS and Barclaycard embrace Manchester wholeheartedly.

Other projects have included the redeveloped Manchester Arndale shopping centre, which has become a significant retail destination, and the Corn Exchange, which was a shopping centre until 2014, when it received a further overhaul to become an exciting new dining destination, with 17 eateries on site. The Printworks is another city centre success. The extensive urban entertainment centre is home to a cinema and several food outlets and clubs, making it one of Manchester’s most appealing leisure venues.

MANCHESTER THEN AND NOW

“We placed a very strong emphasis on developing cultural and entertainment opportunities to broaden the interest and attraction of the city centre. We saw the Shudehill site (The Printworks) as a prime location for a large regional leisure and entertainment facility. It will add massively to the diversity of the area, its attractiveness as a place to visit and will enhance its competitive edge.”

Sir Richard Leese, Leader of Manchester City Council

Such outstanding regeneration works have led to Manchester being called England’s “second city” since around the turn of the 21st century.

The fact that Birmingham is the second largest by population size speaks volumes about how impressive Manchester’s regeneration is.

MANCHESTER THEN AND NOW

M ANCHES TER’ S P R I N TW O R KS ANOTHER CITY C EN TR E S U C C ESS

MANCHESTER THEN AND NOW

C R E AT I V E C R E D E N T I A L S M A N C H E S T E R A S T H E U K ’ S M E D I A H U B No discussion of Manchester’s regeneration successes would be complete without a mention of MediaCityUK. On the banks of the Manchester Ship Canal in Salford and Trafford, planning permission for the 200-acre site was granted in 2007.

The first phase of the vast regeneration project was completed in 2011. The BBC became the site’s principal tenant, in Quay House, when it decentralised from London. Since then, the project has seen further successes, with ITV Granada moving there in early 2013 and ITV Studios later the same year. The University of Salford also has strong links to MediaCityUK, with its media-related teaching based at the site since 2011. Though the move was controversial, due to its costing the university some £2.25 million per annum in rent between 2011 and 2020, it emphasises how important the site is to the future of the media industry in the UK.

MANCHESTER THEN AND NOW

INFRASTRUCTURE PLANNING A C I T Y F O R F U T U R E G E N E R AT I O N S As well as developing its buildings, Manchester is doing much to enhance its infrastructure, particularly in relation to its rail and air connections.

The HS2 high speed rail network is due to open services to and from Manchester in 2033, reducing the journey time between Manchester and London from two hours and eight minutes to one hour and eight minutes. In advance of that, a number of the city’s stations will benefit from redevelopment and expansion work. Manchester Victoria has already undergone its redevelopment, opening in October 2015 after a three-year programme of works that cost £48.5 million.

Manchester Piccadilly’s transformation, meanwhile, has been outlined in a ‘once in a century’ vision that will see the entire station rebuilt and the surrounding area thoroughly revamped through the addition of hundreds of shops and offices, 250 hotel rooms and 5,000 homes. The station’s rebuilding will serve as a catalyst for the regeneration of the local area.

Oxford Road station is also set to undergo a significant translation, along with the surrounding area. It has been linked to Manchester Victoria with Manchester Piccadilly by the Ordsall Chord – the world’s first asymmetric rail bridge and the centrepiece of the Great North Rail Project, which will transform train travel for those in the north of England.

“By 2020, the Great North Rail Project will deliver faster and more comfortable journeys, with new trains, extra carriages and more than 2,000 extra services a week.”

Paul Maynard, Rail Minister

MANCHESTER THEN AND NOW

F LY I N G H I G H A SNAPSHOT OF MANCHESTER FROM THE AIR Manchester’s busy airport is also due to benefit from significant work. The Manchester Airport Transformation Programme defines the airport’s £1 billion regeneration, which will see it deliver a range of service enhancements and facility improvements. Already Europe’s 19th busiest airport, the plan seeks to position Manchester among the continent’s top ten.

According to airport data, Manchester offers flights to more destinations that any other UK airport. The transformative plans will see the airport reconfigured to make Terminal 2 its new primary terminal building, with a direct linkage between that and Terminal 3, which itself will undergo improvement in order to serve an expanded flight schedule.

A host of other developments include two new security halls, self-service check-in facilities and some 50 food and retail outlets. US immigration pre-clearance also forms part of the programme of works. The scale of the investment and the scope of the work once more emphasizes Manchester’s commitment to the city’s future.

MANCHESTER THEN AND NOW

MANCHESTER INVESTMENT CASE

ÂŁ1.7bn ÂŁ1.7bn Economic contribution

to the UK economy every year

15th

15th in the world for number

1.6m

1.6m customers flown to the US

of different destinations

from Manchester Airport last year

210

40%+

22,500

by Manchester Airport

numbers since 2010

at Manchester Airport

210 Different destinations served

40% increase in customer

22,500 people employeed

10%+

10% growth in p-p long haul traffic in past three years

MANCHESTER THEN AND NOW

BOLD DECISIONS AND DIVERSE OPPORTUNITIES Manchester has a history of making bold decisions when it comes to residential property. In 2006, the city’s 47-storey Beetham Tower development became the UK’s tallest building outside of London – and the highest residential accommodation in Europe.

Today, developers continue to use Manchester’s inspirational culture to pursue innovation in residential accommodation, with two developments – Ancoats Gardens and Middlewood Plaza – proudly standing as two cutting edge examples of this. The impact of so much regeneration has certainly been noticed by the city’s property owners, with Zoopla reporting property rises of 30.25% over the past five years. As at June 2018, Manchester was leading the UK in terms of its property market growth, which stood at 7.6%.

Regeneration work in Manchester is so widespread and so diverse that it has created some outstanding investment opportunities.

A prestigious residential

An exciting new development in the

building just 300 metres from

heart of the £1 billion Middlewood

the £800 million NOMA site.

Locks regeneration zone.

The two different developments each offer something unique to their individual areas within Manchester, and each has a compelling investment case.

BIRMINGHAM THEN AND NOW

A M B I T I O U S R E G E N E R AT I O N : N O M A Towards the northern part of the city centre, the ambitious NOMA regeneration site is the largest development project in England, outside of the South East. The £800 million project is transforming a 20-acres site into office, retail, leisure and hotel space.

The £100 million One Angel Square building, which opened in 2013, is at the heart of the NOMA project. The site also incorporates the provision of low-cost office space in the redeveloped Hanover Building and the transformation of City Buildings into a hotel. A further office building will be provided at 3 Angel Square.

The NOMA project’s vision is to deliver a leading business and technology hub that will attract companies to Manchester by providing them with world-class facilities in a globally competitive city. The project is also spurring further regeneration within the city, as developers race to ensure that Manchester maximises the potential of the NOMA scheme. Ancoats Gardens, situated just 300 metres from NOMA, is an excellent example of this.

MANCHESTER THEN AND NOW

P R E S E N T I N G A N C O AT S G A R D E N S The 155 apartments of Ancoats Gardens deliver urban industrial chic in a superb central Manchester location.

Ancoats has been named as one of the coolest places to live in the UK by the New York Times, so is the perfect site for these cutting edge apartments.

Award-winning developer Beech Holdings has created an exceptional residential offering, with light, airy homes that enjoy significantly higher ceilings that the average city centre apartment. An extensive roof garden, state-of-the-art gym and spacious coffee lounge provide residents with a range of options for their leisure time.

Ancoats Gardens is also on track to be one of Manchester’s most energy efficient buildings, with sustainable, low-carbon technologies ensuring that the development is environmentally sound.

Apartments range in size from one to three bedrooms, ensuring that the homes are suited to a range of residents, from singletons and sharers to families looking to live right at the heart of the action.

MANCHESTER THEN AND NOW

V I S I O N A R Y, F U T U R E - P R O O F E D R E S I D E N C E S ARRIVE IN MANCHESTER

MANCHESTER THEN AND NOW

PROPERTY HIGHLIGHTS - Invest from £229,714 - Expected 6.0% net yield - 850-year lease - Energy-efficient building - 2.7 metre maximum ceiling height - Light, airy apartments - Exceptional roof garden - 1715 sq. ft on-site gym - Stylish coffee lounge

MANCHESTER THEN AND NOW

L U X U R Y R E A D Y- T O - R E N T L O F T- S T Y L E A PA R T M E N T S

MANCHESTER THEN AND NOW

M I D D L E W O O D L O C K S R E G E N E R AT I O N Z O N E The £1 billion Middlewood Locks regeneration zone is the largest of Manchester’s three regeneration corridors.

The visionary scheme will delivery extensive leisure facilities, including restaurants, bars, a hotel and a gym.

Residential accommodation, a nursery and a medical centre also form part of the project, which provides pedestrian and cycle access between Salford with Manchester city centre.

With such a prime location, the waterside Middlewood Locks neighbourhood is set to bring huge benefit to Manchester, by bridging the gap between Salford, which is home to MediaCityUK, and all of the business, retail and leisure facilities of the city centre. The site also benefits from being just a ten-minute walk from the Spinningfields business district.

MANCHESTER THEN AND NOW

PRESENTING MIDDLEWOOD PLAZA Set in the heart of the Middlewood Locks regeneration zone, Middlewood Plaza is home to a collection of 125 stylish apartments, townhouses and duplexes. The exciting mix of property types has been designed to appeal to professional tenants looking for luxurious urban living in an outstanding location between Salford and the city centre.

The bright, spacious homes are complemented be an exceptional roof terrace, with views over Manchester. Residents also benefit from secure, underground parking and dedicated cycle bays to promote ecologically sound travel. The development also features smart technology, while all apartments are wheelchair accessible.

MANCHESTER THEN AND NOW

C A P I TA L Q U A L I T Y R E S I D E N C E S ARRIVE IN MANCHESTER

B IA M RM N ICNHGE H S TAEMR T H E N A N D N O W

B ITU PAHCTKSS AVA I L A B L E P ER SOP O P EKRETFYU RHNI G HRLEI G ACROSS ALL DEVELOPMENTS - Invest from £153,000 - Expected 5.0% net yield - Bright, spacious apartments, duplexes and townhouses - Superb roof terrace - Secure, underground parking and cycle bays - Smart home technology

MANCHESTER THEN AND NOW

L U X U R Y R E A D Y- T O - R E N T F U R N I T U R E PA C K S AVA I L A B L E

MANCHESTER THEN AND NOW Salford Crescent NOMA Development

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Manchester Art Gallery

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Old Trafford Manchester Academy Manchester United Football Ground

Manchester Airport

Manchester Royal Infirmary

MANCHESTER THEN AND NOW

MANCHESTER: A BRIGHT FUTURE AHEAD Manchester’s population is expected to rise to 625,000 by 2025, according to city planners. The significant jump is a result of the city’s strong (and still growing) appeal to professionals from a range of industries and sectors.

As it grows, Manchester continues to innovate and regenerate. Some of the newest developments include the Graphene Engineering and Innovation Centre and the Sir Henry Royce Institute for Advanced Materials, which is due to open in 2019. MediaCityUK also continues to grow.

Several other large-scale projects have been given approval to proceed. The Factor, in the new St Johns neighbourhood, will include see a £111 million theatre/arts centre built on the site of the former Granada Studios. Named after the legendary Factor Records, the venue is expected to support 1,500 fulltime jobs and add £1.1 billion to Manchester’s economy over the course of ten years.

The St Johns neighbourhood, meanwhile, will combine cultural pursuits with residential and business premises. Most recently, Booking.com has been announced as one of the development’s anchor tenants. The completed project will include 600,000 square feet of office space, shops, restaurants, bars, art venues and riverside parks.

MANCHESTER THEN AND NOW

Redevelopment work also continues at the vast Circle Square site, which was formerly home to the BBC’s Mancunian headquarters, with a range of student/post-graduate-focused accommodation in the pipeline. These add to the new public square and offices that have already been approved as part of the development, while further commercial buildings are also planned.

With a new hotel under construction in Piccadilly Basin and plans for a boutique hotel, spa, cinema, shops, restaurants and a market at the London Road fire station site, Manchester is bursting at the seams with regeneration plans. The city has made incredible strides over the past 20 years in terms of its regeneration, yet still has ambitious plans to deliver even more, cementing it as a truly world-class destination to live, work and play.

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