Manchester City Council plans to transform a disused retail park in Ancoats into a sustainable mixed-use development to help the city meet its zero carbon ambitions.
The former Central Retail Park, which used to be home to Argos, JD Sports, Toys ‘R’ Us and Mothercare, is expected to be redeveloped into green business space in Manchester’s city centre neighbourhood of Ancoats. For an area that is already “up and coming”, this should bring a major boost to the district. And for property investors, it could be one to watch.
A sustainable development
In 2017, Manchester City Council bought the disused land for £37m. The council plans to transform the area into a commercial-led mixed-use sustainable development. The hope is that this will help the city meet its eco-ambitions by 2038.
This redevelopment would bring the first zero-carbon business district in Manchester. It will create a gateway between Ancoats and other neighbouring areas, including the Northern Quarter, New Islington and Piccadilly.
A public square is also expected to be included right in the heart of the scheme, providing more outdoor public space in Manchester’s city centre. The square would also enhance Cotton Field Park, which is located to the north of the site. This will extend the green space available to the public.
Housing and office space
Manchester City Council wants to divide the former Central Retail Park site into 10 plots. All except three could be used for commercial space. A further two plots are slated for housing, including a 30-storey skyscraper at the corner of Old Mill Street.
The rest of the site would be home to around 1m square feet of office space with the potential capacity for 10,000 jobs. This would help meet the growing demand for large, purpose-built commercial floor space in this area of Manchester.
Regeneration in Ancoats
These proposals are part of wider redevelopment plans for Ancoats, which is already seeing major regeneration. The city centre district is home to a number of creative and media companies, restaurants, bars and coffee roasters. And the neighbourhood is especially popular among postgraduates and young professionals.
Cllr Suzanne Richards, Manchester City Council’s executive member for housing and regeneration, said: “The regeneration of Ancoats has been hugely successful over the last two decades.
“This next phase of regeneration gives us an opportunity to deliver affordable homes in a city centre setting, along with high-quality public areas and green spaces to create neighbourhoods people want to live in.”
If this zero carbon business district succeeds, residential housing demand could rise even further in Ancoats. As a result, the area is likely to attract a growing number of residents. For investors, this is one of the top areas in Manchester to be looking at right now.
BuyAssociation has an exciting investment opportunity coming soon in Ancoats. Learn more about the tier one project and how to gain early access here.