The Northern Powerhouse

In 2014 and 2015 Manchester attracted £2.3bn of commercial property investment – more than any other English city outside London. Being a resident of Manchester, this statistic is not surprising to myself, it appears I can’t walk around a corner without seeing a new crane or construction underway. The developments of the tram facilities, the expansion of BBC Media City, and the growingly vibrant nightlife with F&B offerings increasing in Spinningfields and the Northern Quarter have made Manchester an extremely sought after city – especially by young professionals.

Bilfinger GVAS Q4 2015 ‘The Big 9’ report, found Manchester’s city centre office take up is close to record levels, receiving the highest five year quarterly average outside of London. That said, the most recent Big 9 report, Q2 2016, has uncovered the first half of this year has been slower than expected, however, there appears to be strong demand for the second half of the year with some hefty office developments comping up to completion joint with large requirements needed. Just last week, the insider revealed that the plans to redevelop the site next to Manchester’s Midland hotel have been approved, which will create a 100,000 sq ft of grade A space.

There are also strong developments within retail and leisure; Ryan Giggs and Gary Neville have released plans for their St Michael’s scheme which will include; retailers, offices, apartments and a luxury hotel complex which will be located along Jackson’s Row in Manchester city centre. The ex-footballers are not the only ones investing in Manchester’s assets; the BBC reported earlier this year that after George Osborne’s promotion of the ‘Northern Powerhouse’, Chinese investors have shown great interest in Manchester. “Their attitude to the Northern Powerhouse is stunning. It’s insatiable,” says Richard Wills-Woodward, an entrepreneur who helps wealthy Chinese individuals invest in the UK. This is a big shift as most foreign property investment has been previously mostly focused on London.

Manchester’s population is estimated to be 530,300 and is expected to rise considerably which is definitely a factor influencing the property growth. This can be seen through residential apartments being constructed alongside office blocks all over the city to meet the demand of the growing population. The Estates Gazette August 2016 magazine revealed Renakers plans for a 188 home development in Castlefield. There are also details of Urban Splash’s redevelopment plans for 26 homes at Brownsfield Mill in Manchester Northern Quarter. All property sectors, including; residential, office, and retail, appear to be investing and developing heavily in the Northern Powerhouse that is Manchester.

In April this year, Manchester Evening News announced 32 new developments that have been confirmed in Manchester! It is clear the Manchester property market is strong, and Foundation Recruitment have really noticed the increase in demand for property professionals in the area to work on these new developments – if you’re looking for your next career move, please get in touch with one of our consultants for a confidential conversation.

Kat Whitehead, Marketing & Operations, Foundation Recruitment