Skyscrapers might be a common sight across the UK, and the traditionally flat landscape of the city of Manchester seems to be coming into its own with a series of high rise projects that promise to change the city’s skyline for good.
With Manchester’s thriving economy creating a need for more commercial and residential developments, a large number of projects including high rise towers and luxurious condos are in the process of being built, while many more developments have already obtained planning permission and are ready to kick off in the near future. Around 18 high rise buildings are expected in the city centre in the next few years. Space limitations, especially in the premier city centre area have resulted in developers looking to capitalize by taking the aerial route, quite literally, with tall buildings consisting of several units becoming a norm.
One of the prime industries driving Manchester’s property growth is the private rented sector (PRS), which was valued at a whopping £1.29 trillion in the last year. Statistics suggest that by 2025, one in four homes will be a part of the private rented sector with the number of people living in rented homes estimated to reach 7.2 million.
The city is soon becoming the prime choice for investors, with the majority being encouraged by the outstanding employment opportunities and convenient travel links Manchester poses. The surge in growth in Manchester has seen prices up 8.8 per cent in the last year; the largest rise across the UK.
Property Guru Phil Spencer says he isn’t surprised with the growth “Manchester is a great city, with lots of opportunities and lots of amenities, so it’s not a surprise that house prices are on the rise.” His advice on finding the right property is “The key thing to look for is architecture – has an area got the right architecture? If it’s the right architecture and the empty shops are filling up it’s the right indications of a growth area.”
Speaking of right architecture, one of the most anticipated developments in the Manchester area comes from the Property Alliance Group. The Axis tower is an iconic 28 floor residential tower that consists of 173 luxury apartments benefiting from a 24/7 concierge service. Axis tower also boasts Manchester’s two most exclusive penthouses, with unrivalled 360 degree views of the city. The development sits at the heart of the city’s key landmarks and attractions, a short walk away and Manchester Central tram station providing doorstep access to Manchester’s rapid multi-modal transport network.
Ronald Garrett, Director of Sales at Alliance Investments said “When it comes to Manchester’s property sector, we believe the sky is the limit. Our latest project, the Axis tower is an iconic flag bearer of Manchester’s quickly developing skyline and reiterates our belief in the city’s continuous growth. The Axis tower also provides a remarkable investment opportunity for all, with the 9% increase in rental prices between 2013 and 2015 alone, we expect rental yields of 6-7% per annum.”
Besides the Axis Tower, Alliance investments offers many other prime properties in leading parts of Manchester that fit every need and budget. To explore the collection of properties available, log on to their website http://alliance-investments.com.hk/