As Manchester overtakes London as the UK’s number one spot for property investment, its skyline is changing dramatically by the minute with cranes sprinkled across the horizon. New builds are cropping up in all areas across the city as Manchester blends fresh and innovative developments with refurbishments of historical buildings.
In property, there are three ways to invest your money. The first, is completed property. If you find a development that is already constructed and tenanted, you can invest in free units which are 100% completed. Alternatively, you could put your money into refurbished properties where old buildings are redeveloped into modern living spaces. Manchester is famous for literally building upon its heritage as an industrial centre by transforming old textile mills and derelict warehouses into trendy residential apartment blocks. However, there’s a third type of property investment arriving on the scene which is proving more popular than ever with investors.
Off-plan property refers to an investment in a development before its construction is complete. There are many benefits to off-plan property, including the fact that entirely new buildings are kitted out with the finest furnishings and appliances which attract 21st century residents. Investors are heading to off-plan shores where there are new units up for grabs with access to the best onsite facilities, and Manchester is top of the list for constructing brand-new accommodation.
There’s a massive undersupply of housing across the city where the population is accelerating rapidly into the future. Greater Manchester has a population of around 2.55 million with its urban populace alone set to rise to 535,465 by July 2018 using the average annual growth rate of 0.75%. The need for more accommodation is urgent with young people making a beeline for popular areas such around the city centre. Manchester City Council has collaborated with local developers to confirm a new wave of off-plan residential builds that will reshape the northern giant’s cityscape.
One major residential development near Spinningfields will consist of six interconnecting towers that will house over a thousand residents. The structures will become a landmark for the city, overtaking the famous Beetham Tower in height which is currently the tallest skyscraper in Manchester at 169 metres. Described as resembling islands of the sky standing at 67 storeys high, the towers will be part of a new £1.35 billion neighbourhood in Manchester.
Other exciting additions to the landscape highlight the UK’s powerhouse city as a destination for new build property. In a ground-breaking style of construction, gyms, gardens and work hubs are just some of the facilities onsite in most new off-plan properties and companies like RWinvest are keen to unite investors with properties offering such stand-out amenities.
With so many projects taking centre stage, Manchester is undergoing a property boom. Everywhere investors look, buy to let properties with high rental returns are emerging every month. The fact that Manchester combines such a prominent investment destination with an array of off-plan schemes means that buyers of property are inundated with lucrative opportunities across the city, and it’s now the case that most properties are fully sold out before even making it into phase two of construction.