Manchester is the UK’s fastest growing city in terms of its population, economy and housing market, and new regeneration plans are set to further boost the area.
Better transport, business opportunities and more homes for Manchester’s growing population are all in the pipeline thanks to a new agreement between Network Rail and Transport for Greater Manchester to inject major investment into six of Greater Manchester’s stations.
These are Manchester Piccadilly, Manchester Victoria, Manchester Oxford Road, Deansgate, Salford Central and Salford Crescent, which all currently transport thousands of passengers daily within the city area as well as much further afield, both north and south.
The move is being hailed as a “landmark moment for Manchester and Salford”, and will involve collaboration with HS2, local authorities, private investors and developers to significantly upgrade the stations, as well as create a new public realm with job opportunities and homes.
Manchester leading the way
The metropolitan area of Manchester was recently named one of the fastest growing of the ‘big six’ cities in the UK in a report by JLL, which revealed it was the first city to record double-digit house price growth post-pandemic, while also experiencing the highest rental growth of all major cities.
This latest announcement is set to build on the city’s growth, bringing more people to live and work in the area and making national and international travel easier to and from the Northern Powerhouse city.
In the coming months, the two parties will draw up a plan for its shared goals, which will include creating an integrated transport system to reduce reliance on cars. This is particularly topical at the moment, as London has just expanded its Ultra Low Emission Zone (Ulez) and Manchester has proposals under review.
The plans will also lead to high levels of development around the target stations, with a placemaking strategy to create a “destination” at each of the locations. Net zero emissions and accessibility will both be prioritised during this planning stage.
Boosting opportunities
Robin Dobson, Network Rail group property director, said of the deal: “The partnership will leverage our combined resources and skills to unlock commercial regeneration opportunities surrounding stations and support infrastructure upgrades.
“We look forward to working closely with both local authorities and key stakeholders to accelerate development delivery of homes, workspace, leisure and community benefits, which over the coming decade will provide a positive impact for the region.”
Simon Elliot, head of rail at TfGM, added: “As two of the most significant landowners in Manchester, it makes sense for our organisations to work together.
“We are looking to combine our efforts to deliver more infrastructure and transportation value, whilst delivering homes that benefit local communities as well.”
Piccadilly and Victoria plans hotting up
Manchester Piccadilly connects the city with stations to the south and London, while Victoria operates routes across northern England including to Leeds, Newcastle, Blackpool and Liverpool. Both are major stations for the city, and some major regeneration projects are already underway in their vicinities.
In May this year, Far East Consortium submitted plans to build 4,800 new homes, with commercial and social facilities, as part of the Victoria North regeneration scheme near the station. The 30-acre site represents one of the biggest planning applications for Manchester in recent years.
It is part of a larger plan in the area to regenerate seven areas, which is ultimately expected to produce 15,000 new homes around Manchester Victoria station over the next decade.
Meanwhile, Piccadilly East is the landmark regeneration area close to Piccadilly station, and has been touted as the “next best neighbourhood” for the city.
According to the council website, redevelopment and investment around the station is expected to bring “up to 40,000 new jobs, 13,000 new homes and 820,000 square meters of new commercial development”.
BuyAssociation has a number of property investment opportunities available in key locations in and around Manchester, as well as other parts of the UK. Get in touch for more information.
