Commercial Property in Manchester15th September 2016
In recent months there has been a rise in interest in the Manchester commercial property market, in fact over £300 million was invested in the first half of the year, 3 percent higher than the previous 5 year average of £295 million. It is likely that this increase is due to substantial rejuvenation to the city and the travel connections, which have made it a desirable location for commercial and residential property investments alike and with the airport growing in popularity it is likely that this rise is set to continue.
Manchester airport has just had the busiest summer of all time, its growth in popularity is great news for commercial property owners as it means that international businesses are set to flourish with strong connections to the continent. Nearly 3 million passengers used the airport in August, up 9 percent on the previous year. The airport even boasts private jet hire and a chauffeur service for the most important business clients. As well as an increase in use of the airport, there has also been a huge investment in the logistics facilities which recently sold for $12.2m to an investment firm. The continued growth at the airport is likely to make commercial property in the surrounding area even more lucrative.
Investing in commercial property in Manchester means choosing between the north and the south of the city, both of which have different advantages. Situated in the north in NOMA an £800 million redevelopment scheme which is the biggest development project outside of the South East. It houses a mixture of commercial, leisure and residential properties meaning that if offers varied opportunities for business. The southern part of the city is home to Spinningfields which has been dubbed the Canary Wharf of the North and is home to the headquarters of major banks such as HSBC and Barclays. Commercial properties in this area provide strong opportunities for investment and are well worth looking into.
The massive infrastructure investments in the city, such as the improvements to the Metrolink tramline, have led to it being the frontrunner out of the ‘Big Six’ regional cities as investors begin to venture out of London. Following a growth in support for regional devolution, more money is beginning to be invested with £3.2 billion being injected into the office markets within the six cities in the last 12 months. The commercial property market is likely to continue attracting investment following this growth in infrastructure and financial backing.
11th September 2017Read more