Many property news stories of late have been filled with complaints about housing shortages in the UK. Things are looking bright for Manchester, however, as more than 6000 new homes are set to be built in the city thanks to the Middle Eastern owners of Manchester City Football Club.
Abu Dhabi United Group (ADUG) has struck a £1 billon deal for a 10-year agreement with Manchester City Council, forming a partnership known as the Manchester Life Development Company.
The company plans to rejuvenate up-and-coming areas around the football club’s Etihad Stadium, with Ancoats and New Islington targeted for the first phase of the project.
Building work will begin next year on 830 privately rented homes, and it is hoped that the area will be transformed, encouraging retail, leisure and commercial investment in the eastern part of the city. There are plans to attract young professionals in particular, making it a desirable place to live.
Leader of Manchester City Council Sir Richard Leese welcomed the development, stating: “[the] announcement adds another commercial dimension to the already significant investment made by Manchester council and ADUG in east Manchester, and in doing so progresses the regeneration story which began in the 1990s and was accelerated by the 2002 Commonwealth Games and ADUG’s recent development of the Etihad Campus. The planned transformation of the eastern edge of the City Centre is the single biggest residential investment Manchester has seen for a generation”.
Ancoats and New Islington have become popular with property investors, with many developments having sprung up in the area in the last few years. This investment will be a huge boost to a part of the city where the Great Recession halted regeneration, helping it to grow to its full potential.
As Adam Jupp of the Manchester Evening News stated, this plan “goes a long way to achieving Manchester council’s goal of building tens of thousands of new homes by 2027 in order to meet the demand of the city’s growing population as work continues to nurture key industries and create jobs in the process”.
This financial input into the city demonstrates the commitment that both the council and ADUG have to the development of the city in the long term, which can only mean positive things for its future.
Julie Twist Properties has a dedicated office in the Ancoats/New Islington area. It is also the partner agent for the new Urban Splash development, House, coming to New Islington in Autumn 2014.
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