Extra boost to Manchester property investment with HS2

 

Regeneration around Piccadilly Station as a result of HS2 is expected to drive Manchester property investment in the area and across the city.

The UK’s high-speed rail network (HS2) has acquired a second major site in the centre of Manchester – Square One of Travis Street, near the city’s Piccadilly train station – for an undisclosed fee. Purchased on behalf of the Department for Transport, the site is described as ‘pivotal’ for the project.

For Manchester, the progress being made towards extending the HS2 line up to the north west is already having an impact on the area. Regeneration plans for the vicinity around the station, including a new Piccadilly  neighbourhood, are well underway.

The area around the existing station is currently relatively underdeveloped, making it an ideal spot for redevelopment and investment. The appeal of the high-speed transport connection is likely to be felt across the rest of the city, too, boosting the appeal of Manchester property investment.

HS2: where things stand

The current timeline for the new Manchester HS2 station is for it to be opened between 2035 and 2040. When it arrives, businesses, residents and visitors will benefit from a 41-minute connection to Birmingham, which is 46 minute faster than at present.

There will also be direct services from London Euston that will take less than half the time they do now. The journey is expected to be around one hour and 12 minutes faster on HS2.

Bruntwood, the property developer who sold the site, is expected to use the proceeds towards further improvements to the UK’s regional centres. Whether this will include Manchester property investment remains to be seen, but it is certainly going to be a key target for many investors.

Pete Bearpark, asset management director at Bruntwood, said: “We are committed to creating thriving places and communities, and after 15 years under Bruntwood stewardship, we have agreed to the sale of Square One and the land surrounding it to HS2.

“We will use the proceeds to continue to reinvest into regional cities to drive economic growth and have a positive impact on businesses and communities.”

Vote of confidence for Manchester property investment

Manchester has been a “second city” to London in terms of property investment for a number of years now. Its low property prices, high tenant demand and strong yields coupled with fast-rising capital gains make it a favourite for those looking outside the capital.

The latest news of progress on HS2 could spur more investors on, according to Ruth Todd, chief commercial officer at HS2. With both local and overseas investors honing in on Manchester property investment, this is expected to provide an added boost to the city’s appeal.

Ruth Todd, Chief Commercial Officer at HS2, said: “Following submission of the Bill earlier this year, seeking powers to construct and operate the railway between Crewe and Manchester, this acquisition represents another major milestone in our programme to bring high speed rail to the North.

“HS2’s purchase of Square One is a vote of confidence for investors locally and internationally to leverage the wider regeneration potential of the surrounding area, knowing that Manchester is set to become so brilliantly connected.”

Cited as one of the biggest development opportunities in the UK, the regeneration of the Piccadilly area could see investment bringing up to 40,000 new jobs, 13,000 new homes and 820,000 square meters of new commercial development.

The new neighbourhood will contain a public square, community spaces, retail space, new streets and improved pedestrian connections.

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Extra boost to Manchester property investment with HS2

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