Friday 20 May 2022
Property investors in Manchester can expect to see a surge in demand for investment properties due to HS2 encouraging regeneration around Piccadilly Station.
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 Manchester’s Piccadilly train station.
The city is already experiencing an impact from the progress being made towards extending the HS2 line up to the North West. Regeneration plans for the surrounding areas of 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.
Manchester is already a favourite among property investors, but with the appeal of the high-speed transport connection likely to be felt across of the rest of the city, the “appeal” for property investment in Manchester will see a significant boost.
What is happening with HS2?
The current timeline for the new Manchester HS2 Station is for it be opened between 2035 and 2040. When the station completes, businesses, residents, and visitors will benefit from a 41-minue connection to Birmingham – 46 minutes faster than at present.
There will also be direct services from London Euston that will take less than half the time they do now; with the journey expected to be around 1 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.
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.”
Manchester is a favourite among property investors
Manchester has been a “second city” to London in terms of property investment for a number of years now. It’s low property prices, high tenant demand and strong yields paired with fast-rising capital appreciation make it a favourite for those looking outside of London.
The latest news of progress on HS2 could spur more investors on, according to Ruth Todd, chief commercial office at HS2. Manchester is a top choice for both local and overseas property investors, which is expected to provide an added boost to Manchester’s appeal for property investment.
Ruth Todd, Chief Commercial Office at HS2, commented: “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.”
The regeneration of the Piccadilly area could see investment bringing up to 40,000 new jobs, 13,000 new homes and 820,000 square metres of new commercial development.
The new neighbourhood will contain a public square, community spaces, retail space, new streets, and improved pedestrian connections.