As if Manchester’s property market isn’t thriving enough, recent news has hinted at a huge development extension plan at MediaCityUK. Sitting on the banks of Salford Quays, the world-renowned hive of innovative, creative and technological expertise was first constructed over ten years ago and opened for business in 2007. Having a significant impact on Salford’s reputation as a prime investment hotspot, the regeneration isn’t over yet as the media hub receives millions of pounds in funding.
Home to digital industry giants including the BBC, ITV and Kellogg’s, 250 smaller corporations also locate in the numerous studios and tech hubs dotted along the picturesque Manchester ship canal. A magnet for talented young professionals and students of the University of Salford’s creative campus, phase two of the project is expected to change the shape of the property market just west of Manchester city centre.
Aiming to double in size by 2030 with an extra £10 million cash infusion courtesy of Santander, the site enlargement costing over £1 billion to develop across 200 acres of land will be headed up by the Peel Group. A comprehensive strategy will integrate residential, commercial and leisure aspects to enhance the current multi-use destination.
Ten new buildings will be laid out over 50,000 square metres to accommodate for more specialist businesses and international companies are already getting on board. Mumbai tech firm, Tech Mahindra, is predicted to create 80 jobs alone in a rare opportunity to work for a multinational IT provider. 1,871 residential units will also be introduced, with London Square comprising of luxurious residential town houses with top quality conveniences on site ranging from gyms to cinema rooms.
In addition, more than 4,400 square metres of leisure and retail space will be integrated, including the key development of The Arcade which will combine shops and communal spaces with premium office facilities. Another major build is Georgian Square where a spectacular six storey podium will sit on top of 25 storey tower with supplementary winter gardens.
Excitement is evolving and large bar and restaurant chains such as the Alchemist have already moved branches to this in-demand location. In response, a total of 1,800 car parking spaces are being introduced in a multi-storey structure to keep up with the higher influx of visitors and tenants surging into the local area.
Investors in buy to let property are aware of the buzz surrounding the grand plans and property is set to hit the roof once the development is in full swing. RWinvest is just one example of a property investment company that is making the most of the latest renaissance by offering residential apartments just a minute away from the digital core.
Over 200 jobs will be made available with the welcoming of more businesses increasing the young professional’s appetite for property in short commuting distance to the workplace. Investors are getting ahead of the game by looking to purchase buy to let apartments in or around this superior rejuvenation zone which offers superlative capital growth on affordable property prices. Salford is also climbing into the top percentages for rental yields in the UK, perhaps highlighting the fundamental role that MediaCityUK plays in Manchester’s lucrative property market.