Manchester underground regeneration

Manchester underground plans hailed as ‘once-in-a-generation’ opportunity

A regeneration plan involving moving major rail infrastructure at Manchester Piccadilly underground could unlock thousands of homes, major commercial development and tens of thousands of jobs in what is being hailed as a “once-in-a-generation” growth opportunity for the city.

At the heart of the scheme is a proposed underground through-station as part of Northern Powerhouse Rail (NPR). Moving rail infrastructure of that scale below ground would free up large areas of land around the transport hub for redevelopment, opening the door to one of the UK’s largest city-centre regeneration projects.

It is estimated that it could deliver up to 40,000 new jobs, around 13,000 homes and almost one million square metres of commercial space.

The regeneration programme will encompass around 150 hectares around the station, stretching north and south of the main hub and extending east through Mayfield, the Manchester Digital Campus, Ardwick and East Village Central.

Manchester already ranks among the UK’s fastest-growing urban economies

Manchester already ranks among the UK’s fastest-growing urban economies. It generates more than £28bn in gross value added (GVA) annually and has recorded average economic growth of around 3.4% a year since 2000 — roughly double the national rate.

In addition, it has the largest professional and business services sector outside London, Europe’s biggest fintech cluster valued at around £5bn a year, and growing strengths in artificial intelligence, data science, health innovation and advanced materials. The city is also home to around 80 FTSE 100 firms and more than 50 international banks.

The scale of the new proposals would attract even more investment to the area, and has drawn comparisons with major rail-led regeneration projects such as King’s Cross in London, Antwerpen Centraal in Belgium and Hudson Yards in New York.

It will form part of Northern Powerhouse Rail, which is designed to strengthen connections between key northern cities, including Liverpool, Bradford, Leeds, Sheffield, York and Hull, while also improving links to the North East and North Wales. Construction work is expected to begin in the 2030s, although it is unlikely to be completed until the 2040s.

The scheme is intended to integrate labour markets across the North

The scheme is intended to integrate labour markets across the North, cut journey times and increase passenger and freight capacity.

The underground through-station is described as the key enabler of those regeneration plans. Moving rail infrastructure below ground would release valuable land around the hub for development while also ensuring long-term rail capacity to support future economic growth.

According to Rail Technology Magazine, the proposals are to divide the surrounding area into several connected districts.

Piccadilly Central will be transformed into a major commercial district directly north of the station, while the Sister district will focus on employment spaces, innovation and life sciences.

Mayfield’s regeneration will be centred around a new public park and commercial development, while the Manchester Digital Campus will provide sustainable office space targeted at digital and technology firms.

To the east, Ardwick has been identified as an area for major residential growth, which will help support the expansion of the city centre, alongside new neighbourhoods planned for Piccadilly Basin, East Village Central and Portugal Street East. The Oxford Road station area will also create development opportunities linked to Manchester’s university and research corridor.

Self-certified Sophisticated Investor

Please read

I declare that I am a self-certified sophisticated investor for the purposes of the restriction on promotion of non-mainstream pooled investments. I understand that this means:

I am a self-certified sophisticated investor because at least one of the following applies:

I accept that the investments to which the promotions will relate may expose me to a significant risk of losing all of the money or other property invested. I am aware that it is open to me seek advice from someone who specialises in advising on non-mainstream pooled investments.

High Net Worth Investor

Please read

I make this statement so that I can receive promotional communications which are exempt from the restriction on promotion of non-mainstream pooled investments. The exemption relates to certified high net worth investors and I declare that I qualify as such because at least one of the following applies to me:

STAY AHEAD OF THE MARKET

Sign up for first access to new developments and exclusive property investment opportunities.

We send limited and targeted emails on new launches and exclusive deals which best fit your areas. We are trusted by over 30,000 active buyers as their source for new stock.

  • New property developments
  • Professional market reports
  • Property deal alerts
  • Development updates
Manchester property investment

FIRST FOR NEWS AND KNOWLEDGE.

Receive trending news straight to your inbox and stay up to date on all of the property market trends and advice.

Established since 2005 we are a leading voice of authority and commentary on the UK property market. Our news is trusted by Apple News & Google News.

  • UK housing market
  • Mortgage & money
  • Buy-to-let landlords
  • Guides & advice

Talk to us

Speak to our UK property experts today:

 

+44 (0) 333 123 0320

Open from 9am-6pm GMT

 

+852 6699 9008

Open from 9am-6pm HKT