An investment in infrastructure in Manchester could provide a sizeable boost to the city, according to a new report, creating somewhere in the region of 40,000 jobs and adding some £5.5 billion pounds to the economy.
Manchester has witnessed a substantial rise in jobs over the last couple of years, with many media companies following the BBC’s path from London to Manchester, turning Salford into a media hub and transforming the area to the extent it now enjoys some of the best house price rises in the country.
Regeneration specialist Ekosgen has carried out a consultation for the local council, which concluded that new projects across the city that are planned in the next three years could set Manchester up for years of growth.
The £1 billion regeneration project, entitled Grow, has been likened to works to improve the city that took place after the IRA bombing in 1996.
Works to transform Manchester as part of the Grow campaign will include improvements to the Northern Hub rail infrastructure, the creation of the Metrolink’s second city crossing, a cross city bus corridor and wide-scale improvements to Victoria Station.
Sir Richard Leese, leader of Manchester City Council, said: “Manchester is Britain’s fastest-growing city and a place which has a real sense of ambition and momentum. City centre growth means more investment, more jobs and more opportunities. But to enable and encourage this growth we need the right infrastructure – whether that’s world-class transport links, attractive public spaces or the right office, hotel and commercial accommodation.
“The ongoing benefits of this co-ordinated work will far outweigh any short term frustrations and we would ask people to bear with us. Most cities would give their right arm for the sort of investment they represent. The works are a visible sign of a thriving Manchester which remains very much open for business while they are being carried out.”
Other works taking place in the city will include property developments at NOMA, First Street, Spinningfields and the area around St Peter’s Square.
It is perhaps property investment that makes the most sense in Manchester at the moment as well, especially if Salford’s recent meteoric rise is anything to go by. High-yielding buy-to-let property in fantastic city centre locations like Princes Street can bring investors fantastic returns.
With lower entry points, buyers will be able to get their hands on modern studio, one- and two-bedroom flats in Princes Street which will be ready to let as of Quarter 4 of 2014.
The fully-furnished and managed apartments allow investors the chance to earn a passive income, with a guaranteed return of 7.5 per cent net for the first three years after their purchase. And with the area having a strong pull for both students and young professionals alike, it is a fantastic opportunity to enter one of the most in-demand sectors of the property market.