Drivers Jonas - General Development - Manchester, Lancashire
Date: 23 Apr 2008
The shockwaves of the 'credit crunch' have triggered unease in the UK's property markets. However, spurred by prospects of strong economic growth in the medium to long term, development activity in Manchester is continuing, with some 35 cranes currently on its city centre skyline.
Drivers Jonas' latest Manchester Crane Survey research goes on to warn that Manchester is not immune to uncertainty and this is most evident in terms of the number of development starts, which are noticeably down. In the last 12 months works commenced on 19 major projects, compared to 32 development starts in 2006 and the annual average for the last five years of 27.
It also indicates that more development activity is now occurring beyond the inner ring-road, the traditional city centre boundary, than actually within it. For example 83% of the 2,238 new homes which are due to be delivered in 2008 are in the Northern and the Salford fringe areas. This is significant as these sub-markets form part of Manchester's 'circle of opportunity' and the development of housing and mixed-use schemes here have a key role to play in enabling links to be created between Manchester's city centre and its inner areas - thus strengthening the scope for economic regeneration.
The Drivers Jonas Crane Survey also reports that significant progress has been made at Spinningfields, which is having a profound effect in reshaping the city core. Completions at this scheme in 2007 included the Civil Justice Centre, the largest court complex to be built in the UK since the Royal Courts of Justice in London in 1882.
The decision by the BBC to relocate five key departments and 1,500 jobs to Mediacity:UK in 2011, an internationally significant development by Peel Holdings and Salford URC will drive further growth of the city region. In addition, a number of key strategic sites are now coming forward as medium - to long-term redevelopment opportunities. These proposals - which include Greengate Exchange in Salford, the redevelopment of the Boddingtons brewery site, and First Street (formerly known as Central Spine) - will strengthen central Manchester at the heart of a City Region which is projected to support 142,000 additional jobs by 2021.
More than 180 guests attended the seminar held at the Bridgewater Hall including representatives from ASK Property Developments, Manchester City Council, Frogmore Estates, the Royal Bank of Scotland, and West Properties.
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