As one of the top 5 European cities for business and investment, Manchester is an enviable economic hub. It is UK’s Most Liveable City, says The Economist’s Global Livability Index. Also, it ranks as the 3rd Best City in the World in Times Out publications.
There’s been a direct relationship between Manchester’s economic prowess and its population growth – a union that should be sustained by expanded infrastructure and more housing stock. Victoria North Regeneration, being North of England’s biggest urban regeneration project fills this need.
Designed to provide 15,000 new homes, health facilities, schools, restaurants, coveted green space, parks and transport links; Victoria North is invariably the diamond in Manchester real estate market.
Strategic Regeneration Framework – Victoria North
Victoria North is a £4 billion joint project by FEC and Manchester City Council to provide 15,000 new homes to accommodate over 40,000 people. It’s a 20-year project projected to complete 500 new homes per annum and create up to 6900 new jobs.
The first phase of the project is Victoria Riverside located in the Red Bank neighbourhood – a beautiful neighbourhood that’s walkable to recreation and transport links.
One spectacular aspect of Victoria regeneration is the City River Park designed with diverse new recreation corridors and luscious green spaces for active lifestyles and well-being.
Victoria North is the strategic framework that spans South Collyhurst, New Cross, Red Bank, Collyhurst Village, New Town, Vauxhall Gardens and Smedley Dip & Eggington Street.
The regeneration connects Manchester’s northern districts to the city centre crossing the River Irk into Meadowside, an FEC-led residential development surrounding Angel Meadow Park, almost fully occupied by residents. However, you can still get in now with completed units.
Prospect of Victoria North Regeneration for Investors in the Property Market
Disruption through Victoria regeneration in Manchester and its direct effect on property value might not be very conspicuous now, but it’s building up. Its end result is massive capital gain and rental growth – 2 key factors impacting real estate ROI.
This major overhaul is changing the vibe for the whole district and boosting the city’s already thriving economy. More than 6900 jobs are anticipated, an additional 200,000 influx of people to Manchester over the next 20 years predicted, excellent neighbourhood and quality lifestyle for various professions increases the possibility of further housing shortages at full completion with Victoria apartment value further rising.
This project reaffirms FEC’s interest and commitment to changing the face of the Manchester property market, considering it’s not long since she invested millions of pounds into more than 750 apartments in Meadowside.
Proximity to the City Centre, Meadowside, impressive public spaces, and commercial space for shops, cafes and bars along Dantzic Street makes Victoria North a great appeal.
New Victoria flats or apartments close to them are good investment opportunities, knowing fully well that Manchester property value has seen tremendous growth in the past 20 years. It is expected to perform even better with Victoria North at full completion.
CSI Prop (2022, June 8). Manchester property benefits from Victoria North Urban Renewal. https://csiprop.com/manchester-property-benefits-from-victoria-north-urban-renewal/
FEC, (2022). Victoria North. https://victorianorth.co.uk/
Flanagan, M. (2021, March 18). Manchester super development moves forward as Victoria North. UKREIIF. https://www.ukreiif.com/investment-news/manchester-super-development-moves-forward-as-victoria-north/
North Property Invest (2021, May 20). £4 billion Victoria North scheme to transform Manchester City Centre. https://www.northpropertygroup.co.uk/buy-to-let/news/4billion-victoria-north-scheme-to-transform-manchester-city-centre/
Wright, E. (2017, September 12). Look beyond the station: why Victoria is set to become one of London’s best residential addresses. Evening Standard. https://www.standard.co.uk/homesandproperty/luxury/why-victoria-is-set-to-become-one-of-london-s-best-residential-addresses-a113661.html