The undeniable centre of the Northern Powerhouse effect, Manchester is witnessing a huge influx of businesses moving into the city from southern climes, creating an evolving marketplace. The recent Savills ‘Spotlight: The Future of Manchester’ report has revealed that the city has seen the creation of 57,000 jobs in the city centre since 2011, a figure that is greater than twice the growth seen across the UK as an entirety.
And this is just the beginning for Manchester’s business growth. The report also predicts that the city will need to house an additional 36,000 office workers in the next ten years which, given the current average annual property shortfall of around 5,100 homes and the expanding population as a whole, will be quite some feat.
With brand new developments appearing both in the city centre and edging further towards the outskirts to fulfil this blossoming need, there is a growing demand for a different type of property emerging.
Jonathan Stephens, Managing Director of Surrenden Invest, explains,
“A growing number of large corporations have moved – or are planning to move – their operations to northern centres of business, with Manchester leading the way as a far cheaper alternative to London in many ways. Savills has predicted that this will result in the need for nearly 100,000 new properties in the next ten years and therefore the question has been posed to Manchester as to how they will meet this explosive demand.
“Though a large part of this demand is being answered by the myriad of new builds under construction, since the extension of the Permitted Development Rights (PDR) there has been an emerging trend within Manchester of conversions of former industrial or office spaces, unlocking previously hidden potential in the market – and providing exciting new properties in turn.”
Appealing to the growing professional population themselves and investors alike, such developments boast all the benefits of centre city living and modern amenities, alongside character features and the high quality of an original, traditional building.
One such project that is gaining attention is Surrenden Invest’s One Cross Street. Situated in the very centre of the city, just five minutes’ walk from Manchester’s prime business and exclusive leisure district, Spinningfields, as well as from the luxury shopping district of New Cathedral Street, One Cross Street is ideally located for the new growing professional sector.
Redeveloped from the stunning structure of a former cotton mill, the original building of One Cross Street was built circa 1907 and is one of the last properties of its kind to be developed. The property is formed of 34 luxury apartments within a high-quality conversion of the original building, featuring elements of the existing structure left exposed, such as exposed brick and beams, as well as a creation of a modern new-build extension which will include two new penthouse floors featuring floor to ceiling glass walls.
Modern low-carbon technology means that the building will be one of the city’s most energy efficient, making this a future-proof investment. The passive heating environment that is created, where the building’s ambient temperature is maintained through air source heat pumps and heat recovery systems, means that running costs are incredibly low.
As part of the sense of community that is central to the project, One Cross Street boasts laundry rooms and a beautiful roof terrace, available to all residents. Properties also come fully furnished, with high quality furniture packs, as well as high end fixtures and fittings.
Studios are priced from £130,323, two-beds from £224,355, and a three and four duplex from £286,613.
Offering an unrivalled 6.2% net rental guarantee for 4 years, there is a projected 5 year return on investment of 45%.