Manchester - a thriving market that is raring to go

When investors look at the UK property market, they invariably start with London with which they are, perhaps, more familiar, but as Calvin Tse, Director, Head of Business Development at One Heritage Property Development Limited, points out, they would be doing themselves a disservice if they don’t take into serious consideration a rising star that has outperformed the overall market – Manchester.

Destined for big times

A veteran in the UK property market with specialisation in the north of the country, Tse points out that Manchester is destined for big times. Under the British government’s Northern Powerhouse plan, investments are being directed to the north of England to boost skills, innovation, transport and culture, enabling the region to reach its huge untapped potentials, and, in this context, Manchester is well-placed to reap enormous benefits therefrom.

Second only to London in terms of economic output and population size, Manchester has recorded the fastest economic growth of any UK city outside of London in the last two decades. There are more 25 to 29-year olds in the region than any other area of the UK, with a 51% graduate retention rate in Manchester – a vindication of the city’s quality of life and booming career prospects.

The Economist magazine has named Manchester the UK’s best city to live in, what with its vibrant business community, comprehensive amenities, quality education offerings, not to mention its hugely popular soccer teams. For Hongkongers, it is only 11 hours and 45 minutes away by direct flight.

Back with a vengeance

Tse points out that the pandemic has impacted Manchester’s property market, leading to delays in construction and delivery, but business is now back to normal, and the market is witnessing a pent-up demand from people who are working, studying or investing in this thriving northern capital. In fact, buyers outnumber sellers by more than two times.

In terms of both price and rental, Manchester has beaten the national average by a wide margin. For a one-bedroom apartment, the average price at Stg300k in 2019 has risen to Stg370k in 2023, or a 25% appreciation in just four years. As for rentals, they are expected to rise 19.3% by 2027, compared to the overall UK average of 9%.

The other major consideration for investors is the lower threshold in Manchester compared to London where a studio in Zone 1 could fetch in excess of Stg500k. The rental yield is also more favourable in Manchester averaging 4 to 6%, compared to 2 to 3 % in London.

Tse observes that, while international companies are still looking for offices in London as a first priority, more and more are starting to prefer the multiple advantages offered by Manchester. The Government’s HM Revenue & Customs, for instance, is taking the lead and moved its headquarters to Manchester last year. Businesses and organisations deciding to call Manchester home include the BBC, BUPA, Siemens, Google, Amazon, Kellogg’s, and more, opening up much more employment opportunities.

One Victoria

Based in Manchester and focused on residential development in the north of England, One Heritage is no new comer with its proven track record in complex property development and investment. For example, it has, to date, sold 90% of its 2018 residential project at Bolton in Greater Manchester, with the NHS taking up the rental units. Prices have soared by 48% in five years to the absolute delight of the buyers.

Riding on its multiple successes, One Heritage has just commenced construction on its new project, One Victoria, with an expected completion date in 2025.

Boasting a coveted M3 post code, One Victoria occupies a prime site just 3 minutes’ walk to Victoria station, giving you easy connections to all of Greater Manchester and the nearby cities of Leeds, Newcastle and Liverpool. A 12-minue tram ride takes you to Manchester Piccadilly, a rail hub that gets you to London, Birmingham, Bristol, Edinburgh and others on intercity trains. Journey times will be significantly slashed when HS2 comes online. 

User-orientation

Designed on a user-oriented approach, One Victoria comprises two blocks totalling 129 units from one to three bedrooms. Tse is quick to point out the attention-to-detail selling points that make a difference: With 2-bedroom units, the rooms, each with attached bathrooms, are on either side of the sitting/dining room, giving you added privacy, while 3-bedroom units are matched by three bathrooms, giving you added convenience.

The sky garden on the tenth floor provides a range of intimate seating areas spread amongst the greenery, and is as versatile as it is inviting. Watch the sunset over central Manchester with drinks; relax with a book; or take an alfresco video meeting.

Stylish, contemporary, and finished to the highest standards, the units are all smart homes with remote control through Apps, so turning on electrical appliances or security devices are at your fingertips. Selfridges and Harvey Nichols are but a 5-minute stroll away; and don’t worry about your online purchase deliveries because the concierge will take care of them and keep them in a storage room. It’s also nice to know that there are solar panels on the rooftop that help lower energy bills, as well as secure on-site storage for your bike.     

Tse points out that each unit of One Victoria will be allotted 129th part of the land entitlement for this freehold property – the perfect home that is the embodiment of modern city living. (Visit OneVictoriaM3.com)

Investors are welcome to visit One Heritage’s brand new office in Central where they can attend functions over a glass of wine and update themselves on the latest offerings and opportunities. (Visit www.one-heritage.com)

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One-heritage

Developer: One Heritage Property Development Limited

Exhibition:

Date: 2023 Jun 10-11

Time: 12:00 - 6:00pm (Seminar: 3:00 - 4:00pm)

Address: Rm 905, LHT Tower, 31 Queen's Road Central, Central, Hong Kong

Enquiry: +852 5113 2163