Welcome to Manchester – one of Europe’s top 5 cities for business and investment. Moreover, this vibrant economic hub has earned the title of UK’s Most Liveable City, according to The Economist’s Global Livability Index. Not only that, but it also holds the prestigious rank of the 3rd Best City in the World, as recognized by Times Out publications.
The strong correlation between Manchester’s economic prowess and its population growth is undeniable. In order to sustain this union, the city needs expanded infrastructure and increased housing stock. That’s where Victoria North Regeneration comes in – the largest urban regeneration project in the North of England.
With its ambitious plan to provide 15,000 new homes, along with health facilities, schools, restaurants, green spaces, parks, and excellent transport links, Victoria North is truly a gem in the Manchester real estate market. So, let us now explore the exciting opportunities and potential of this remarkable development.
Strategic Regeneration Framework – Victoria North
FEC and Manchester City Council have joined forces on the £4 billion Victoria North project, with the aim of providing 15,000 new homes for over 40,000 people. Over a span of 20 years, this ambitious initiative is projected to complete 500 new homes per year and generate up to 6900 new jobs.
The first phase of the project, Victoria Riverside, is situated in the Red Bank neighbourhood. Notably, it offers walkable access to recreation and transport links, greatly enhancing its appeal as a beautiful neighbourhood.
One remarkable feature of the Victoria regeneration is the City River Park, which has been thoughtfully designed to include diverse recreation corridors and lush green spaces. This design promotes active lifestyles and overall well-being.
Victoria North serves as the strategic framework for the South Collyhurst, New Cross, Red Bank, Collyhurst Village, New Town, Vauxhall Gardens, and Smedley Dip & Eggington Street areas. The Manchester regeneration project aims to connect the northern districts to the city centre, as it gracefully crosses the River Irk into Meadowside.
This FEC-led residential development surrounds Angel Meadow Park and is almost fully occupied by residents. However, there are still completed units available for purchase.
Prospect of Victoria North Regeneration for Investors in the Property Market
The regeneration of Victoria in Manchester is causing disruption, which will directly affect property value. Moreover, while it may not be very conspicuous now, it is gradually building up and will eventually result in massive capital gain and rental growth. These two key factors significantly impact real estate ROI.
Furthermore, this major overhaul is not only changing the vibe for the whole district, but also boosting the city’s already thriving economy. In fact, we anticipate the creation of more than 6900 jobs and predict an additional influx of 200,000 people to Manchester over the next 20 years. Consequently, this will lead to an excellent neighborhood and a high-quality lifestyle for various professions. It also increases the likelihood of further housing shortages at full completion, thereby causing Victoria apartment value to rise even further.
Additionally, this project reaffirms FEC’s interest and commitment to changing the face of the Manchester property market. It has only been a short while since they invested millions of pounds into more than 750 apartments in Meadowside.
Moreover, Victoria North, with its proximity to the City Centre, Meadowside, impressive public spaces, and commercial space for shops, cafes, and bars along Dantzic Street, holds great appeal. Therefore, investing in the new Victoria flats or apartments, knowing fully well that Manchester property value has seen tremendous growth in the past 20 years, presents excellent investment opportunities. It is expected to perform even better with Victoria North at full completion.
References
CSI Prop (2022, June 8). Manchester property benefits from 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
