Over the past 10 years, Manchester has established itself as a global property investment hotspot.
The city has consistently recorded UK-high growth rates for investors as it has transformed itself from a low-rise, post-industrial northern town to an international centre of commerce and innovation. And that’s meant an unprecedented development boom across many pockets of the city.
Investors from the UK and further afield have found that most Manchester property developments have performed well – certainly above UK averages for much of the past decade. Affordable prices and a growing tenant market were the basis of this strong return on investment, but what about now?
Manchester’s population is forecast to increase 100% in the next five years, and this rapid increase will subsequently require another boom in new construction. So where should property investors focus their attention in Manchester’s downtown and the surrounding area? If an investor was keen to make an acquisition in Manchester, where should they purchase? What development should they select from the many, many construction sites across the city?
Manchester property investment locations 2022/23 and beyond
If you’re new to investing in Manchester, it can be overwhelming to choose an investment location. Like London, the market extends far beyond the traditional central business district (CBD), and even within the CBD, there are many distinct property markets and neighbourhoods – all appealing to differing tenant groups.
City Centre
This is the epicentre of the past and the current wave of construction that has transformed Manchester into one of the highest cities in the UK. Traditionally stretching from the 3 universities along Oxford Road to the Cathedral, it has notably spread to the north and south in recent years, stretching into Ancoats and the neighbouring city of Salford.
It’s estimated that in the next 3 years alone 600,000 more people will be looking to live here.
Media City
Most notable as the new multi-billion-pound home of the BBC, and other media and broadcasting companies, the area is also a huge new residential centre, home to restaurants, shops, transport infrastructure, and thousands and thousands of people.
Over 200 acres of land will be redeveloped by the time the investment in Media City finishes.
Vision Tower Manchester
- Location: City centre
- Developer: EGCC Group & Empire Property Concepts
- Completion Date: 2025
- Starting Price: £170,286
Vision Tower Manchester is one of few developments that can legitimately claim to be Manchester’s most prestigious new luxury developments.
This 37-storey addition to the skyline rises from its sought-after M1 postcode location, offering tenants views of the entire city centre and the green hills beyond.
Consequently, investors will own a piece of Manchester that is just about as centrally located as possible – only a short walk away from tram stops, national train stations, commerce centres, universities and a myriad of entertainment and leisure hubs.
There are currently 327 apartments planned, plus an exceptional choice of amenities all combining to offer a lifestyle you’d expect from a landmark development. Specialised concierge service, a coffee shop and juice bar, private residents’ lounge, co-working spaces, a gym, a yoga studio, and a cinema room are all currently set to be incorporated into the scheme.
Vision is masterminded by EGCC Group & Empire Property Concepts. As a developer, Empire has completed 1,171 apartments and commercial units across 28 sites, while managing an existing pipeline of 2,487 apartments and commercial units across a further 33 sites.
Investor highlights:
- 327 apartments
- Exceptionally well-connected city centre location
- Excellent amenities
- 990 years leasehold
X1 Michigan Towers
- Location: Media City
- Developer: X1 Developments
- Completion Date: Q1 2023
- Starting Price: £175,995
X1 is one of the main residential developers operating in Media City having already delivered numerous skyscrapers and hundreds of luxurious residential units.
Michigan Towers will feature luxury 1 and 2-bedroom apartments – the type of units most popular with Media City’s young professional tenant market.
When the development is complete it’ll add another 4 towers to the quayside skyline, each scheme designed with a unique façade and its own characterful architecture. Somewhat rarely for Media City and even Manchester property investment in general, X1 Michigan Towers will be surrounded by its own public realm. This means tenants and residents will enjoy covenant access to cafe spaces, restaurants, retail and office space.
With some towers set to reach 35 floors, apartments will offer views of the water and wider media city – and maybe neighbouring Old Trafford, home of Manchester United Football Club.
Rents in Media City are underpinned by strong demand from all the employment opportunities created by businesses continually relocated to the area. The BBC, ITV, Ericsson and Kellogg’s are all a short commute from this prime location.
Investors can also make use of X1’s own lettings company – a convenience that may appeal to overseas landlords. X1 Lettings has been operating for over 15 years and now has over 70 full-time employees managing 4,000 residential properties across the UK on behalf of thousands of investors.
Investor highlights:
- Media City’s most existing new residential location
- Tailored to local young professional market
- Developer lettings agency
Colliers Yard
- Location: City Centre (Greengate)
- Developer: Renaker
- Completion Date: 2025
- Starting Price: £240,000
The centrepiece of the wider Greengate project, designed by OMI Architects, Colliers Yard will feature the majority of the total 1,500 homes in the new city centre neighbourhood when complete.
At a pretty imposing 43 storeys, Bankside is the first tower available for purchase within Colliers Yard, comprising 1, 2, 3–bedroom luxury apartments and penthouses.
The Renaker development takes its name and heritage from the beautiful, Grade II listed Victorian Collier Street Baths, but is cutting edge and modern in its design and lifestyle. Apartments will be exquisitely finished and the scheme full of resident-only amenities.
As part of the development scheme, Renaker will revitalise the Victorian baths and make them the new heart of this exciting new city centre community that is set to include a new, landscaped public park, a tree-lined boulevard and square – as well as an eclectic mix of independent retail and leisure operators.
Investor highlights:
- Extensive residents’ only amenities
- 7 minutes walking distance from prime retail area, including Harvey Nichols and Selfridges
- 15 minutes walking distance to central business district, Spinningfields.
- 10 minutes drive from HS2 station (Piccadilly) with journey to London in 67 minutes upon completion
Deansgate Square
- Location: City Centre (Spinningfields)
- Developer: Renaker
- Completion Date: 2021
- Starting Price: £291,000
If investors seek a completed property within Manchester’s most prestigious master-planned, mixed-use space Spinningfields, Deansgate Square is the obvious choice.
Only completed 18 months ago, the development is already offering some substantial yields and promises investors a strong future performance with rising rents.
Comprising four sleek glazed towers of 1,508 luxury apartments and exclusive penthouses, Deansgate Square – formerly Owen Street – has Spinningfields’ most sought-after amenities. Residents can make use of a 25m swimming pool, indoor tennis court, 1,900 sq ft gymnasium, Leisure Suite, dedicated residents’ lounges and relaxation areas, and a residents-only rooftop garden with private bar and catering facilities.
Investor highlights:
- Completed property
- Popular with tenant market
- Swimming pool & tennis court
- Spinningfields location
Manchester real estate for sale
Chestertons are experts within the Manchester market having matched listed properties with portfolio needs for investors all over the world.
We can help you source both prime city-centre developments such as the prestigious X1 and Deansgate Square developments and the pick of X1 residential units in Media City. Please contact us if you require availability or further information regarding any of these or other developments in Manchester.
