The Post-Covid Future in Manchester
It would be an understatement to describe 2020 as a year of unpredictability. But in a year where the only predictable thing was unpredictability, the real estate market across the North West has held strong and remained resilient.
Now that we continue into Q2 of 2021 the resilience of the sector is shining through with plans, redevelopment and investment across Manchester– a key city of The Northern Powerhouse – coming to life.
Sir Richard Leese – Manchester City Council – has set out an economic recovery plan which outlines the future for Manchester and how growth will be stimulated over the next 3 to 5 years.
With an economy worth £62.8 billion (GVA), the population in Manchester is set to grow an additional 10% by 2034 – an increase of a further 56,000 in population.
Thoughts & feelings at this time are that the city centre will continue to be the key driver of the economy.
Median weekly earnings in Manchester sat at 549.8 weekly (compared to 585.5 as the UK average) and the city continues its promise of delivering greatness.
At the end of 2020, some 15 locations in England were awarded a combined total of £255m from Future High Street Funds – a fund centred around helping high streets to achieve their regeneration ambitions.
In the context of Greater Manchester, this saw Stockport receive £14.5 million and Stretford (Trafford) receive £17.6 million.
Investment in Stockport is continuing at pace with the council focused on delivering its town centre project and £1 billion regeneration plans for the Town Centre.
Meanwhile, in Trafford – which also received generous investment – plans for the area include a new expanded high street, enhanced public realms and better travel links.
In addition to this, exciting plans by Therme Group to bring a well-being resort to life are continuing.
The group – which has 10 globally active projects – has chosen Manchester as its first UK location for a leisure resort which will include; waterslides, wave pools, indoor & outdoor pools, steam rooms and more located opposite The Trafford Centre.
Therme Manchester has plans of breaking ground this coming Summer and the £250 million project is currently scheduled to open in 2023.
Also set to open in 2023 is a new 23,500 capacity arena in East Manchester. The scheme which is called ‘Co-Op Live’ has received investment from global pop star Harry Styles and will have the capacity to hold 23,500 visitors whilst attracting an estimated 1.3 million visitors annually.
With the hospitality sector being one of the worst affected by the pandemic, it is fantastic to see such strong investment into sports, leisure, and hospitality sectors in efforts to support long-term growth.