15:11 PM, 1st August 2016, About 5 years ago
Manchester has been subject to major regeneration over recent years. With Spinningfields in the south of the city, and NOMA in the north, where should individuals buy investment property in Manchester?
Both NOMA and Spinningfields have been named as some of the best buy-to-let locations in Manchester.
In the north of Manchester on the perimeters of the city centre, you have the £800m NOMA development. The area had not experienced the same amount of regeneration as other areas in Manchester, and the aim of NOMA was to fill that void. NOMA is the largest development project outside of the South East of England, aiming to transform 4 million square feet of land into office, leisure, residential and retail space. Buy to let property investments close to the NOMA regeneration zone will be popular with individuals who wish to be close to the vibrant Northern Quarter. Properties such as Naples Gardens will experience capital uplift as regeneration progresses, especially as plans have been announced to regenerate the nearby area, known as New Cross. Investors are advised to act quickly if they wish to secure a unit in Naples Gardens, as there is currently a 10% discount on exchange.
In the south of the city centre, you have Spinningfields. Spinningfields is often referred to as the “Canary Wharf of the North”, due to it being the home of several banks such as HSBC and Barclays, and the domination of commercial buildings. The area now accounts for over 35% of Manchester’s prime office space. Buy to let investment properties close the regeneration zone such as Waterside House, are expected to fetch decent rental figures, and the value of the investment is expected to increase as regeneration progresses as it is situated just 600m from Spinningfields. That alongside the development of St John’s will increase the desirability of property in the area. Investors can secure a unit in Waterside House and take advantage of the area’s potential with just a 15% deposit on exchange.
NOMA and Spinningfields have very different characters and appeals. NOMA is situated near Manchester’s Northern Quarter, a bohemian area well known for having numerous independent restaurants, bars, art galleries and cafes. Spinningfields has a more corporate feel and is akin to London’s Canary Wharf, mainly accommodating financial services businesses and professionals. The Spinningfields area will be made more appealing to Manchester’s the non-corporate residents though as it is located next to St John’s, an ambitious new neighbourhood planned by Allied London that aims to incorporate commercial, residential and cultural spaces.
In short, we feel that both areas to the north and south of the city centre have their appeal to the discerning investor. Both areas show promise and potential for high yields and capital uplift due to the surrounding redevelopment plans. We advise investors to visit the areas and decide for themselves which they prefer.
Where do you think the best place to buy investment property in Manchester is?
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