Until 10 years ago MediaCityUK was nothing but post-industrial brownfield land which had lain empty for decades since the closure of the dockyards in 1982. Previous to that, the Salford Quays docks at the head of the Manchester Ship Canal had been home one of the UK’s major ports for almost a century, a destination for ships and goods from around the world. To say the area had serious potential for urban regeneration is an understatement.
Construction started on the site in 2007 and the first phase was completed in 2010. Since then, the resultant MediaCityUK site has confirmed Salford Quays’ newfound status as one of Europe’s pre-eminent technology, media and telecommunications hubs and a leisure destination in itself for tourists and residents of Greater Manchester. Tenants such as the BBC, ITV, BUPA and the University of Salford have raised the profile of the area and cemented MediaCityUK’s status as the number one up-and-coming business area in the UK.
As the number of big name tenants continues to grow, more and more small businesses and entrepreneurs have followed suit, rushing to MediaCityUK to take advantage of the exciting opportunities on offer. More jobs means more people, and professional workers from across the UK have been flocking to Salford Quays in great numbers in response. MediaCityUK is currently home to more than 200 businesses, each manned by a workforce of talented young professionals and graduates.
The success of the wider Salford area has also contributed to the rise of MediaCityUK and Salford Quays as a buy-to-let hotspot. The number of businesses in Salford has grown by 25% over the last five years, and the size of the city’s economy has increased by more than 15% as a result. When combined with the addition of more than 110,000 jobs over the same five year time period, it is clear that Salford is second only to Manchester in the region, due in large part to the expansion of MediaCityUK. In addition, the population of Salford is set to grow by 10% by 2020, and a large number of those new residents are set to live in Salford Quays and MediaCityUK.
As well as being a business destination, MediaCityUK is home to a whole range of other amenities which attract workers and tourists to the area in their thousands. There is a vast array of excellent restaurants and bars near the waterfront as well as the Lowry Outlet Mall, which offers excellent shopping opportunities. The Lowry Theatre is home to a sensational art gallery as well as a large theatre space which frequently hosts critically-acclaimed live entertainment, including plays, talks and stand-up comedy performances. If that wasn’t enough, the sights and sounds of Manchester city centre are only a short 15 minute tram journey away from MediaCityUK, adding yet another tempting reason for people to move to the area.
The mass migration to the MediaCityUK area has boosted the local housing market. The sort of skilled workers who are moving to Salford Quays are willing to pay a premium for the best rental accommodation and high-quality apartments are overwhelmed by demand. There is nowhere near enough housing for the thousands of people who live in the area currently, let alone the additional workers and residents who are forecast to move to Salford Quays over the next five years.
Because of this, property values continue to rocket in Salford Quays and rental yields are following suit. It is really no surprise that property investors from around the world are looking at the MediaCityUK area and seeing a great opportunity to buy into a stable market which has proven to be resistant to political and economic uncertainty.
Developments such as X1 Media City are setting the standard for buy-to-let apartments in MediaCityUK and have proven extraordinarily popular with people looking to invest in one of the UK’s best rental markets. The fourth and final Tower of the award-winning X1 Media City development is following in the footsteps of the previous towers and selling out fast. The 275 stunning apartments contained within Tower 4 represent the last chance for investors to purchase apartments in this iconic development overlooking the dynamic MediaCityUK site and the beautiful Salford Quays waterfront.
Interested in X1 Media City Tower 4? Contact Knight Knox today for more information!