Proposals for a new 780,000 square foot mixed-use quarter to rival New York’s Soho district have been submitted.
- Plans have been submitted to turn Manchester’s Greater Northern Warehouse into a ‘world-class’ £300 million residential, commercial and leisure quarter
- If approved the proposals will create a significant number of new jobs and drive visitor numbers to the heart of Manchester city centre
- One of the youngest populations in the UK is driving institutional investment into Manchester’s PRS
Is Manchester about to gain a thriving ‘city quarter’ to rival New York’s Soho or San Francisco’s South of Market areas?
Plans to the tune of £300 million have been submitted to turn the Great Northern Warehouse in Manchester city centre into a 780,000 square foot mixed-use residential, commercial and leisure quarter.
The development, which was recently acquired by a Hong Kong-based real estate firm, will gain a host of new retail outlets, offices, restaurants and residential units, generating a wave of new jobs and driving visitor numbers into the heart of the north-west city should the plans be approved.
It’s just one of a number of major plans submitted in the city as Manchester is about to benefit from £7 billion worth of investment under the UK government’s Northern Powerhouse plans in the coming years.
The city’s booming economy is already having a profound effect on its property market. Yields in Q2 were 3.75 percentage points higher than those in the prime London market, as the demand for property from Manchester’s growing population is met with one of the lowest levels of housing stock in the country.
Crucially for investors, Manchester has a noticeably young population, with 60% more 25-29-year-olds in living in Manchester than anywhere else in the UK. This ‘golden demographic,’ combined with the prospect of capital growth as a result of the Northern Powerhouse, is just one of the factors behind significant levels of institutional investment in the city’s private rented sector.