Manchester leads the way in city restoration

Permalink: Manchester leads the way in city restoration
by Kay Murchie

According to a report in the Telegraph, investors are travelling to Manchester in their droves. Warehouses are being snapped up and new skyscrapers are planned for major locations in the city centre.

Manchester was the first city in the world to undergo an industrial revolution and become a modern city.

Ancoats, an inner city area, is having millions of pounds injected into it. This area suffered from the decline of heavy industry and became a byword for urban problems in the 1970s and 80s.

Furthermore, Manchester city council granted permission for The Cardroom estate to be knocked down and rebuilt, it is now known as the New Islington Millennium Community. The £250 million development has received an award from the Commission for Architecture and the Built Environment.

A landmark project to build Europe’s tallest residential skyscraper is moving closer. The £220 million development has seen Ballymore Developments come on board with original developers Inacity and construction work is now expected to start early next year.

The skyscraper will comprise 58 floors and accommodate 400 apartments, a 220-bedroom hotel and have parking for 700 cars.
Recently, the International Property Investment Network (IPIN) acknowledged Manyoo, in the heart of Manchester city’s docklands, as a strong investment.

A spokesperson for IPIN commented that many property investors are looking to invest in the UK and Manchester is the second major financial centre outside London and its cost of living is lower than the UK average.