Manchester regeneration has been hugely successful over the last couple of decades. During this time, the city has been transformed by a billion pound property boom, which has allowed it to become a beacon of growth in the UK.
The pace of change has been particularly quick since the turn of the millennium with the skyline now being dominated by a range of new skyscrapers. There has been significant urban regeneration in Manchester’s city centre, but there has also been substantial growth and development in previously neglected parts of the city.
In this article, we’ll talk about the impact redevelopment has had on Manchester, the areas that have seen the most regeneration and what’s still to come.
What impact has redevelopment had on the city?
Out of all the cities across the UK, there are few that have transformed to the extent Manchester has. It has become a thriving city packed with retail, leisure, cultural and residential offerings thanks to the significant level of regeneration that has happened here.
Additionally, the population has increased dramatically in recent years as more people have flocked to the city. According to the Census, the population of Manchester increased from 503,127 in 2011 to 552,000 in 2021, which is a 9.7% increase.
Property demand has skyrocketed. It’s become a leading city of culture and liveability. And the range of new developments continue to enhance its attractiveness to young people. At the same time, recent regeneration has also attracted major businesses and helped produce the second-largest regional economy in the UK.
What areas have seen the most regeneration?
Redevelopment of Manchester was underway in the early 1990s when a new tram network was introduced. But the 1996 bombing in the city caused this to speed up. Existing buildings started to be restored, and new buildings were also being introduced.
In the past couple of decades, the parts of Manchester that have seen the most regeneration were areas that had previously been neglected and often featured abandoned and disused buildings.
For example, the NOMA regeneration project included developing the area north of the city centre, which hadn’t previously seen much development. This £800m project is the biggest development project throughout the entire North West of England.
Another regeneration area is Castlefield, which was previously an industrial neighbourhood that now houses stunning period-style homes and canal-side properties. It’s been transformed into a picturesque area to live with green spaces, canals and unique bars and restaurants.
Piccadilly, which includes land surrounding Piccadilly Station and up to the boundary of Ancoats, has also seen significant growth. The regeneration scheme here is expected to provide up to 13,000 new homes, 820,000 sq m of new commercial space and 40,000 new jobs. Piccadilly is expected to become one of Manchester’s most desirable neighbourhoods.
With substantial regeneration happening in these areas across Manchester, they have become up-and-coming locations and could prove to be great areas to invest in as desirability has continued to improve among buyers and tenants alike.
What’s still to come in Manchester?
While Manchester has undergone momentous regeneration across the past few decades, there doesn’t appear to be any signs of slowing down with so much more construction and development to come.
There are several massive development projects currently in the pipeline all over Manchester. The Piccadilly Central & East regeneration zone and development in the North of Manchester in particular is expected to have a major impact on the city.
Manchester’s regeneration schemes, both old and new, are also creating a unique and vibrant hub of residential, retail, leisure and commercial developments. With so much growth still to come, this makes the future continue to look bright for the world-class city of Manchester.
At Salboy, we have a number of new-build and off-plan properties available across Manchester, particularly in areas that have undergone transformational regeneration. If you’re interested in buying in this exciting city, please get in touch with our team of local expert advisors.