Unlocking Manchester’s property potential – Trend towards conversions for city living
The undeniable centre of the Northern Powerhouse effect, Manchester is witnessing a huge influx of businesses moving into the city from southern climes, creating an evolving marketplace. The recent Savills ‘Spotlight: The Future of Manchester’ report has revealed that the city has seen the creation of 57,000 jobs in the city centre since 2011, a figure that is greater than twice the growth seen across the UK as an entirety.
And this is just the beginning for Manchester’s business growth. The report also predicts that the city will need to house an additional 36,000 office workers in the next ten years which, given the current average annual property shortfall of around 5,100 homes and the expanding population as a whole, will be quite some feat.
With brand new developments appearing both in the city centre and edging further towards the outskirts to fulfil this blossoming need, there is a growing demand for a different type of property emerging.
Jonathan Stephens, Managing Director of Surrenden Invest, explains,
“A growing number of large corporations have moved – or are planning to move – their operations to northern centres of business, with Manchester leading the way as a far cheaper alternative to London in many ways. Savills has predicted that this will result in the need for nearly 100,000 new properties in the next ten years and therefore the question has been posed to Manchester as to how they will meet this explosive demand.
“Though a large part of this demand is being answered by the myriad of new builds under construction, since the extension of the Permitted Development Rights (PDR) there has been an emerging trend within Manchester of conversions of former industrial or office spaces, unlocking previously hidden potential in the market – and providing exciting new properties in turn.”
Appealing to the growing professional population themselves and investors alike, such developments boast all the benefits of centre city living and modern amenities, alongside character features and the high quality of an original, traditional building.