Spotlight on Salford: MediaCityUK celebrates 10 years
- 2017 marks 10 years since planning permission was granted & construction began on MediaCityUK
- Kellogg’s to relocate its UK headquarters to MediaCityUK
- 2% positive price change in Salford homes over last 12 months (HM Land Registry)
Over the past decade Salford has experienced enormous transformation. This year marks 10 years since permission was granted to The Peel Group to build MediaCityUK, a 200-acre property development located on the banks of the Manchester ship canal with Salford Quays, located at the eastern end becoming one of the largest urban regeneration projects in the UK.
Back in 2004 the BBC motioned its objective to move a considerable number of jobs from London to Manchester with the Salford Quays site chosen at the premier location and a few years later, in 2007, after The Peel Group was granted planning authorisation to develop, construction began on MediaCityUK.
The BBC’s move represented a significant decentralization from London and many creative and media businesses followed suit including ITV. Today MediaCityUK is home to an exciting mix of over 200 businesses including production companies, Satellite Information Services and higher education institutions such as The University of Salford.
It has also just been announced that Kellogg’s is to relocate its UK headquarters to MediaCityUK after signing a lease for 48,000 sq ft at the Orange Tower. Moving 420 jobs from the company’s current Old Trafford site in January 2018 is a strong declaration of the appeal of the Salford area and especially MediaCityUK. Adding that to the 200 new jobs announced by the BBC earlier this month at MediaCityUK as it seems that Salford Quays really does have ‘cereal’ investment appeal!
“A decade on from granting of planning permission for MediaCityUK, we have seen the 200-acre site go from strength to strength. The mixed-use scheme has enjoyed enormous commercial success and the relocation of Kellogg’s HQ from Old Trafford to MediaCityUK will undoubtedly be a welcome addition to the vibrant business environment, driving economic growth into the next decade”.
Jonathan Stephens, MD, Surrenden Invest
Indeed, the outlook for job growth within the Northern Powerhouse city is bright. 3,000 new businesses were registered in Greater Manchester in 2016 (Inform Direct Review of UK Company Formations) and Savills predicts that around 4,000 jobs are set to be created in the region over the next 5 years.
Despite its increasing popularity property in Salford is still affordable but it is not predicted to stay that way for long. The latest HM Land Registry data reported that property prices are about 10% lower than Manchester city centre with a 6.2% positive price change in Salford over the last 12 months (May 2016 – May 2017).
“Not only a place to work and play, Salford Quays has an established residential community and is a popular choice for young professionals especially, working within the MediaCityUK site. We have seen sustained demand for homes in Salford over the past 12 months with waterside homes in high demand.
“Manchester’s thriving property market over the past few years has led to areas outside the city centre undergoing significant redevelopment. Our development, Wilburn Wharf in Salford has had no end of interest and with the Wilburn Basin, where the homes are located, falling on the Salford side of the River Irwell, investors are looking at an average price per square foot that is 30% lower than similar developments a couple of minutes’ walk away.”
Jonathan Stephens, MD, Surrenden Invest
Wilburn Wharf, available through Surrenden Invest, compromises of four distinct blocks which vary in height, all of which offer fantastic views across Manchester. Each apartment is built to the highest specification and the residential facilities are exceptional including a 24/7 concierge, architecturally landscaped gardens and seating areas around the river basin as well as a gym, cinema, residents lounge and meeting rooms. Prices for units in the current phase 2 start from £165,000.
For more information, visit www.surrendeninvest.com or contact Surrenden Invest on 0203 3726 499.