This month saw the much-anticipated reopening of Ancoats Green, an urban oasis in the centre of one of Manchester’s most popular up-and-coming investment locations.
Situated just next to the Northern Quarter in Manchester city centre, Ancoats is one of the most drastically transformed neighbourhoods in the northern city in recent times.
Having risen to become one of the most important industrial epicentres for Manchester back in the 1800s, known for its production of cotton, machinery, glass and other goods, it declined substantially in the post-war era as economic activity from these industries waned.
However, the fortunes of Ancoats began to turn when it became the focus of Manchester City Council for significant regeneration, with many of its historic mill buildings and other structures given listed status, securing much of the character and charm of the area we see today.
Over the past three decades, this once grungy part of Manchester has become a trendy, hip location for residents and visitors, with growing numbers of small, independent businesses setting up shop in Ancoats, boosting its kurb appeal and amenities.
Ancoats Green: The latest development
Earlier this month, as part of a huge £40m public realm investment, the park at the centre of the neighbourhood, Ancoats Green, reopened with a new look, boosted amenities and travel options – and exciting future plans that will mark the area as a favourite among property investors looking to benefit from exciting future growth.
According to Manchester City Council, the Green offers “multi-functional open spaces for the community, new play areas with accessible equipment, open grassed areas, generous footpaths and space for small events”.
The £3.6m project also includes more walking and cycling routes connecting Ancoats to the rest of Manchester city centre to encourage more active travel.
However, the industrial heritage of the park’s location has not been lost, with upcycled materials including walling stone being reused throughout the park, as well as features incorporating historic flint glass works. Salvaged building stone has also been used to create seating.
Leader of the Council Bev Craig said: “We’re on a mission to invest more in our parks and green spaces. With over 150 parks and green spaces in Manchester, Ancoats Green is the latest park in our city centre to be created or refurbished to make sure our residents have access to brilliant green spaces.
“The Green will be the heart of this community, a place local people can take pride in, spend time with family and friends, and find a respite from the bustle of the city – all in a low traffic, sustainable neighbourhood.”
Investment opportunity
Ancoats Green is expected to be a catalyst for redevelopment around the budding neighbourhood, with the next stage of investment in the area set to create 1,500 new homes. This includes the new This City housing development at No.1 Ancoats Green, which is due to complete in the next few months.
For property investors, this part of town offers a central and sought after location for tenants, situated right next to the hugely popular Northern Quarter, yet with more affordable prices ensuring strong rental yields and capital growth prospects.
Ancoats already boasts some of the trendiest eateries, bars and galleries in northern Manchester, and the new addition of the Green is likely to bring more footfall and boost opportunities for businesses even more, enhancing its appeal for residents.
The city of Manchester is a firm favourite among investors at the moment, offering top rental returns, a fast and thriving property market, and a huge level of opportunity being created by multiple regeneration projects across the city and beyond.
Manchester also has the highest proportion of rental homes out of all UK cities, with 62% of households living in rented accommodation, according to the latest figures from Property Investments UK.
Commenting on Manchester’s position as a top location for tenants, Property Investments UK said: “Manchester’s appeal as a rental hotspot lies in its dynamic mix of culture, connectivity, and opportunity. The city’s extensive transport network, thriving university scene, and vibrant social atmosphere make it incredibly attractive to renters, particularly young professionals and students.
“For investors, these qualities ensure a steady influx of tenants and sustained rental demand, making Manchester a compelling choice for building a property portfolio.”
If you’re looking for a property investment opportunity in any of Manchester’s top-performing neighbourhoods, including Ancoats, get in touch with BuyAssociation today.
