Investors continue to commit to residential and office space in Manchester, even as the city is hit by the obstacles of COVID-19 and Tier 3 lockdown.
Notable developments include the Viadux residential and office space towers in the Manchester City centre Deansgate area, which is estimated to cost £300m.
Developer Fusion Students has announced that it is going to build a 27-storey luxury apartment building for students, also located in Deansgate, while a NOMA development is constructing thousands of co-living apartments in the First Street area.
The several billion pounds of investment money committed to new Manchester property shows there is confidence about the future of the city’s economy. Some commentators have predicted that home working will continue to be a feature of the post-virus work experience, with a shift away from living in high-rise city centre apartments to the suburbs, but experts say there is little evidence that this will happen.
The more optimistic view is supported by the large number of projects being signed off. The buoyant sales and rentals of office and residential space in Manchester suggest that people will continue to work and live in Manchester.
During lockdowns and tier restrictions, construction in Manchester has not stopped. The planning department at Manchester council is keeping busy dealing with planning applications for new and refurbished office space projects.
Another positive sign is that recruiters are beginning the process of finding staff for firms that are moving their offices to Manchester.
Quoted by the Manchester Evening News, a property expert from the city said:
“It’s great to see Manchester has been so resilient.”