Manchester continues its regeneration with Metrolink extension

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by Kay Murchie

Manchester has recently been tipped as a property hotspot, the city is experiencing a major regeneration project and money is being poured into the city centre.

A report last autumn in the Telegraph said investors were travelling to Manchester in their droves. Warehouses are being snapped up and new skyscrapers are planned for major locations in the city centre.

The latest area benefiting from the restoration is Ancoats, an inner city area. The area is set to benefit from the new 9.6km Ashton-under-Lyne Metrolink extension.

The new Metrolink extension will run from the existing Manchester Piccadilly terminus throughout Ancoats, Eastland, Clayton, Droylsden and Audenshaw, serving regeneration areas at Ancoats Urban Village, the Commonwealth Games site and Ashton Moss.

It is expected that the new line will carry 6 million passengers a year, saving an estimated 2 million car journeys.

Ancoats is located in the east of the city and has been described as the ‘new town in the city’ incorporating 50 acres of land centred around the Ashton Canal corridor.

When the Metrolink extension is complete, the area will create a new residential quarter with developer City Loft Developments providing a range of investment opportunities at its latest development in Ancoats, City Lofts Milliners Wharf.

City Lofts Milliners Wharf is to be situated on the banks of the Ashton Canal and will comprise 261, one, two and three bedroom apartments. The scheme, which has been transformed to create a mixed-use development set within a nine-storey building will make a considerable contribution to Ancoat’s renaissance.

Simon Hepden of City Loft Developments said Ancoats is currently undergoing a huge regeneration programme and offers investors a good opportunity.

As well as new housing, Ancoats will house shops, hotels and leisure centres. New canalside restaurants and bars are also planned for the area. The creation of 15,000 new jobs are expected in the next decade following the regeneration.

Late last year estate agent, Knight Frank, said that the future of the Manchester property market is looking strong. The agent said that in the early 1950s the population of Manchester was 700,000, it is currently 440,000, consequently, there’s room for another 300,000 people.