MediaCity Phase 2 Plans Approved in 2024

Salford’s MediaCity is set to enter a new phase of development that promises to transform the area into an even more vibrant and dynamic hub. The local council's approval of the MediaCity Phase 2 plans in 2024 marks a significant milestone in Salford’s ongoing regeneration. This new phase, which began in 2019, is poised to double the size of MediaCity and introduce thousands of new homes, as well as substantial commercial space. In this blog, we’ll explore the key details of the MediaCity Phase 2 development, the impact it will have on the Salford area, and how Rothmore Property can assist you in finding the ideal property or investment opportunity in this thriving region.

Key Takeaways

• Major Expansion: MediaCity Phase 2 will double the current size of the area, adding 3,000 homes and 800,000 square feet of commercial space.
• Sustainable Development:The new plans include all-weather structures, green spaces, and enhanced connectivity with pedestrian bridges and boardwalks.
• Investment Opportunities:The ongoing transformation of Salford presents significant investment opportunities, with property values and rental yields on the rise.

MediaCity Phase 2: A Blueprint for the Future

The MediaCity Phase 2 expansion is a bold vision for the future, inspired by global waterfront developments like Oslo and Australia’s Darling Harbour. The newly approved plans will utilise 60 acres of land around the Quayside shopping centre, creating a mixed-use space that blends residential, commercial, and leisure facilities.

Key features of the development include all-weather glass-fronted structures and pavilions designed to provide year-round usability and aesthetic appeal. Additionally, a new pedestrian bridge will connect MediaCity to the Lowry and Quayside, further enhancing connectivity and accessibility in the area. A new boardwalk will integrate nature into the development, offering residents and visitors alike a blend of urban living and green space.

MediaCity’s Impact on Salford’s Transformation

Since its inception, MediaCity has played a pivotal role in transforming Salford into a leading media and technology hub. The arrival of major companies like the BBC and ITV has not only boosted the local economy but also turned Salford into a desirable location for professionals and businesses. The development has also prioritised sustainability, with MediaCity becoming the first in the UK to achieve net zero carbon status for its buildings.

The success of MediaCity has been undeniable. The first phase of the project delivered 550,000 square feet of office space and 1,800 homes, setting the stage for the ongoing expansion. Over the next decade, £1 billion will be invested in MediaCity to further accelerate its growth. This will include the creation of more workspaces, homes, public areas, and improved tech infrastructure, making Salford an even more attractive place to live and work.

Property Investment Opportunities in MediaCity

The ongoing regeneration of MediaCity presents a wealth of opportunities for property investors. Since MediaCity officially opened in 2012, property prices in Salford have seen a remarkable increase. According to Land Registry data, the average property value in Salford has more than doubled in the past decade, making it the fastest-growing area in Greater Manchester.

The influx of high-profile companies into MediaCity has driven demand for quality housing, particularly among young professionals who prefer to rent. As MediaCity expands, this demand is expected to grow, creating opportunities for investors in both new-build and build-to-rent projects.

Additionally, rental yields in Salford have seen significant growth, with the average rent reaching £1,061 in July 2024—a 13.4% increase from the previous year. This trend highlights the potential for strong returns on investment in the area.

How Rothmore Property Can Assist

Navigating the fast-evolving property market in Salford requires expertise and local knowledge, which is where Rothmore Property comes in. With a deep understanding of the Salford area and the ongoing developments in MediaCity, Rothmore Property is well-positioned to help you find the perfect property or investment opportunity.

Whether you are looking for a home in the heart of MediaCity or an investment that promises strong returns, Rothmore Property offers tailored support every step of the way. Our team can guide you through the complexities of the market, ensuring you make informed decisions that align with your goals.

Conclusion

The approval of MediaCity Phase 2 marks the beginning of an exciting new chapter for Salford. This ambitious expansion will not only double the size of MediaCity but also enhance its role as a leading destination for media, technology, and sustainable living. For property investors and homebuyers, the ongoing transformation of Salford presents unparalleled opportunities. With the expert guidance of Rothmore Property, you can navigate this dynamic market with confidence and find the ideal property or investment to meet your needs.