The Great Ancoats Street area was once the thriving centre of the country’s cotton industry. Today Great Ancoats Street is not only home to intriguing post-industrial architecture, but also some of the city’s most bustling restaurants, bars and cafes.
The area is a highly sought-after neighbourhood for Gen Y tenants, who constitute 89% of the city’s population growth. With vast improvements and growth in Ancoats, New Islington and the Northern Quarter areas over the last decade, the rental demand in the area has increased and this has now expanded to the Great Ancoats Street area. With improvements in transport, aesthetics and building work planned for the area, we thought we’d put together a blog on the activity planned in the Great Ancoats Street region and why it is good news for investors.
Here’s what is planned for Great Ancoats Street in 2020 and beyond:
Great Ancoats Street improvement scheme
With work set to begin next week, the Great Ancoats Street improvement scheme focuses on enhancing the look and feel of the area for pedestrians and providing a natural and attractive link for those walking between Ancoats, New Islington and the city centre. In addition to this, new crossing facilities are to be installed, making it easier for pedestrians to cross the roads, reducing the risk of accidents.
The Greater Manchester Growth Deal have also provided funding, which will go towards planting more than 70 trees, creating wider pavements and redesigning signage in the area.
Angeliki Stogia, Executive member for the environment, planning and transport councillor said: “This improvement scheme for Great Ancoats Street will deliver a more attractive, tree-lined route, with wider pavements and better crossings allowing pedestrians and people on bikes to cross the busy inner ring road more safely.
In addition to aesthetic and pedestrian improvements in the area, Great Ancoats Street is soon to be home to a 12 story, 212-bedroom hybrid hotel. International hotel group Meininger have secured a 20-year lease on the site, creating more than 20 full-time jobs.
In collaboration with architects 3DReid and Yorkshire-based developer S Harrison, Meininger’s hotel will comprise of a mix of private rooms and dormitories, providing 785 beds in total. Alongside the mix of rooms, Meininger’s hotel will also have a reception, lounge, lobby, bar and breakfast room, in addition to guest kitchens and a games room.
The site where the hotel will go is currently utilised as a car park and is situated between the 20,000 sq ft Fabrica office and X1’s The Plaza.
Located in close proximity to Meininger’s new hotel is our Great Ancoats Street residential development. Due to the aforementioned rapid development and growth in the area, prices are steadily increasing throughout the area, making this development a highly profitable investment.
Great Ancoats Street also benefits from being situated just a 10-minutes’ walk to Manchester Piccadilly Train Station, easily connecting tenants to the rest of the UK. It is also close by to Manchester’s uber-cool technology hub and the likes of NOMA, offering hundreds of new jobs in business, technology and media.
Combining high-quality contemporary finishes and cutting-edge low-carbon technologies, Beech Holdings’ developments are in huge demand from both tenants and investors. The building is being redeveloped into 43 high-specification studio and one-bedroom apartments, which will be highly suitable for both professionals and students. The use of modern, low-carbon technologies means that Great Ancoats Street will be one of the city’s most energy-efficient developments, with a benefit to investors of an enhanced rental yield and future-proof investment.
Beech Holdings is offering unrivalled NET yields of 7%, assured for two years by one of the city’s leading landlords, Manchester Apartments.
If you’re interested in investing in property in an area experiencing major growth and rental demand, get in touch with our team today.