Construction Insights

The Northern Powerhouse: Why the property industry loves building in the north

By 9th November 2021November 15th, 2021No Comments

The skylines of Manchester, Liverpool, Preston, Leeds, and – even though it’s not technically in the north – Birmingham, have changed a lot in recent years. 

The Northern Powerhouse is a government initiative focused on increasing financial investment and investment opportunities across the north of England and Wales, making the region ‘super-connected’ and ‘globally competitive’. The Northern Powerhouse region covers 11 areas, from Humber and the North East right across the country to Llandudno and Bangor. 

Towns and cities that haven’t always been at the front of the queue for development are now attracting significant overseas investments, particularly in property. 

Why property developers are all over the north

There are new and exciting residential and commercial property developments being funded, built, and purchased throughout the Northern Powerhouse.

Rental yields are higher on average in the north, with cities like Liverpool, Leeds, and Sheffield topping the ‘most profitable’ list for buy-to-let landlords. House price growth is also strongest in the north of England and prices in many regions remain affordable for a wide variety of buyers, making the Northern Powerhouse a popular location to buy and sell. Organisations like Channel 4, HSBC, and KPMG have been moving their offices to northern cities for the past few years, and universities in these cities are producing top talent, showing the north is the place to be for investment opportunities and city growth.

New developments to look out for in the Northern Powerhouse 

National and international property developers clearly see the north’s potential and rapid development and construction continues in major and small cities throughout Lancashire, Yorkshire, Greater Manchester, and beyond. 

A tower of spacious apartments in Manchester city centre

One of these notable new property developments is Salboy’s Viadux. The Manchester-based property developer is constructing a 40-storey tower of spacious one and two bed apartments on Manchester city centre’s Great Bridgewater Street, designed by Simpson Haugh Architects, and offering residents a gym, bar and private lounge, cinema, yoga studio, and some of the best views of the city. Viadux is projected to be completed in Q2 of 2024.

1,400 new homes in Leeds

A development of apartments, student accommodation, townhouses, a park, and various commercial buildings has been proposed to Leeds City Council. As well as introducing hundreds of affordable homes, the site would also reduce residents’ reliance on driving into Leeds city centre, and include various community sites and initiatives, such as work hubs, startup spaces, and a multipurpose community centre. 

Liverpool government offices transformed into waterfront apartments

A former HMRC office turned apartment building in Liverpool has received an extra £300,000 to transform its communal areas. The 6-year old development contains studio, 1, 2, and 3 bedroom apartments and will soon contain comfortable areas where residents can work and take conference calls while working from home. 

360 apartments coming soon to Digbeth, Birmingham

A 1.89 acre site in Digbeth will be developed into 1, 2, and 3 bedroom apartments after receiving the go-ahead from Birmingham City Council. The original plan in 2020 proposed 131 apartments but the scheme has been nearly tripled to keep up with demand.

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