DEVELOPMENT SURVEY HIGHLIGHTS A POSITIVE YEAR OF GROWTH IN SALFORD

The results of the latest Manchester Crane survey, highlight it's been another hugely successful year as regeneration across both Manchester and Salford continues at pace.

The report, created by Deloitte, the international professional services company measures the amount of development projects taking place across both Manchester and Salford and their impact. The report covers Manchester and Salford city centres, which Deloitte classifies as the area which closely borders Manchester city centre, along with Media City and The Quays.

In the last 12 months, 25 new projects across various sectors began in Manchester and Salford city centres. This includes 17 new residential developments under construction - the highest since 2018, whilst 2,734 homes were delivered to the market.

The results presented in the report are consistent with city's position as an attractive proposition for investors, developers, businesses and residents alike. Salford is now recognised across the sector as a driving force in the region with a commitment to sustainable growth and regeneration at the heart of its approach.

Outside London, the region continues to lead the way in construction activity, helping to make positive impacts and economic growth across the two cities. The range of development taking place is significant and made all the more impressive in light of the current economic challenges and reflects a real resilience in the regional economy.

On the residential front, Salford city centre, has seen the largest share of development, with 13,578 homes now having been completed since 2014. Looking to the future, the number of new residential projects starting in this area of the market show no signs of slowing down.

Residential developments currently onsite include Greenhaus, 96 Passivehaus-acrredited affordable apartments as part of The English Cities Fund £1bn Salford Central masterplan.

This growth in new homes in Salford is in tandem with a population increase of 15.4%. Population growth in both Salford and Manchester is higher than the proportional increase for England (6.6%) again highlighting the region is an attractive proposition for people to settle and make a home. Whether this is following from studying in the area or relocating to take up a position in one of the many new businesses now making a base in the region.

In the office sector, 702,000 sq. ft of new floorspace was delivered to market in 2022, this is despite the trend seeing more people continuing to work from home. Construction levels are growing and take up of this new space is encouraging. High-quality spaces provided by the likes of 100 Embankment and New Bailey in Salford are in demand and attracting new tenants to the city.

Only last month 100 Embankment was named 'Manchester and Salford's best performing office' for 2022 with recent lettings taking the building to c.75% full with over 120,000 sq ft let.

Across the two cities, five new office projects will create 1.1m sq. ft of space, with a total of 1.7m sq. ft. currently under construction including Eden, 115,000 sq ft office accommodation, one of the most environmentally friendly offices in the UK. TLT law firm has signed a 15-year lease to take the top two floors. The building will run on 100% renewable electricity and has been designed using the UK Green Building Council's 2035 – 2050 standards.

Salford City Mayor Paul Dennett said:

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"The results of this survey reveal our strategy for growth and regeneration in action. We are committed to developing sustainable growth in the city and this will continue in the future as we react to the growing needs of residents and businesses.

Next, we look to MIPIM as we to further share the Salford story and enact our bold approach and new shared visions for two of our key town centres; Eccles and Swinton. This will see redevelopment extend beyond the recognised areas of the city centre and Media City and deliver economic growth shared out across the city."

 

Salford City Council Chief Executive Tom Stannard said:

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"These results are pleasing to see, but to those in the city and everyone focused on delivering growth for the city, they will not be a surprise. We have a plan for the city and are putting it into place. The positivity highlighted in this report have come over time and a commitment to a joint approach we have developed across Salford. We continue to work closely with city partners and developers to hopefully bring more growth and success in this area."