Salford city centre has seen the largest share of residential development outside London since 2014, according to professional services giant Deloitte. Deloitte’s Manchester crane survey is hailing another ‘hugely successful year’ for regeneration projects across Manchester and Salford.
The report measures the amount of development projects taking place across both neighbouring cities and their impact. It covers both Manchester and Salford city centres as well as Media City and The Quays.
In the last 12 months, 25, new projects across various sectors began in the two cities. These include 17 new residential developments under construction - the highest since 2018 - while 2,723 homes were delivered. Deloitte says the results presented in the report are consistent with cities’ position as an attractive proposition for investors, developers, businesses and residents alike.
“Salford is now recognised across the sector as a driving force in the region with a commitment to sustainable growth and regeneration at the heart of its approach,” the report says. Outside London, the region continues to lead the way in construction activity, helping to make positive impacts and economic growth across the two cities.
The range of development taking place is significant and made all the more impressive in light of the current economic challenges and reflects a real resilience in the regional economy. “On the residential front, Salford city centre, has seen the largest share of development, with 13,578 homes now having been completed since 2014,” the report says.
“Looking to the future, the number of new residential projects starting in this area of the market shows no signs of slowing down.” Residential developments currently onsite include Greenhaus, 96 Passivehaus-acrredited affordable apartments as part of The English Cities Fund £1billion Salford Central masterplan.
The growth in new homes in Salford is in tandem with a population increase of 15.4 per cent. Population growth in both Salford and Manchester is higher than the proportional increase for England (6.6pc) again highlighting the region is an attractive proposition for people to settle and make a home, says Deloitte.
Whether this is following from studying in the area or relocating to take up a position in one of the many new businesses now making a base in the region. Salford city mayor Paul Dennett said: “The results of this survey reveal our strategy for growth and regeneration in action. We are committed to developing sustainable growth in the city and this will continue in the future as we react to the growing needs of residents and businesses.
“Next, we look to MIPIM [the real estate marketing event] as we to further share the Salford story and enact our bold approach and new shared visions for two of our key town centres; Eccles and Swinton. This will see redevelopment extend beyond the recognised areas of the city centre and Media City and deliver economic growth shared out across the city.”
Salford city council chief executive Tom Stannard said; “These results are pleasing to see, but to those in the city and everyone focused on delivering growth for the city, they will not be a surprise. We have a plan for the city and are putting it into place. The positivity highlighted in this report have come over time and a commitment to a joint approach we have developed across Salford. We continue to work closely with city partners and developers to hopefully bring more growth and success in this area.”
In the office sector, 702,000 sq ft of new floorspace was delivered to market in 2022, this is despite the trend seeing more people continuing to work from home. Construction levels are growing and take up of this new space is encouraging, say Deloitte. High-quality spaces provided by the likes of 100 Embankment and New Bailey in Salford are in demand and attracting new tenants to the city, say Deloitte.
Only last month 100 Embankment was named ‘Manchester and Salford’s best-performing office’ for 2022 with recent lettings taking the building to about 75pc full with over 120,000 sq ft let. Across the two cities, five new office projects will create 1.1m sq ft of space, with a total of 1.7m sq.ft. currently under construction including Eden, 115,000 sq ft office accommodation, one of the most environmentally friendly offices in the UK.
TLT law firm has signed a 15-year lease to take the top two floors. The building will run on 100% renewable electr icity and has been designed using the UK Green Building Council’s 2035 – 2050 standards.
READ NEXT:
- Alleged murderers met in pub days before Thomas Campbell was 'tortured to death', jury told
- This is the man who died in Longsight as suspect charged with murder
- Man left with 'life-changing' injuries after being knocked down by car
- Dad faces jail after morbidly obese daughter's body found in squalid conditions 'unfit for an animal'
- Boy, 14, who died during police chase was driving car that had been stolen in armed robbery, inquest hears
