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What Does MediaCityUK Phase 2 Mean for Manchester Property Investment?

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    MediaCity Phase 2 Plans Approved in 2024

    This year, further major plans to transform Salford’s MediaCity development zone were approved by the local council.

    MediaCity Phase 2 began in 2019, but new plans for this stage of the scheme are set to double the current size of MediaCity and utilise more land around the Quayside shopping centre. This stage in the regeneration scheme will potentially add 3000 homes and an extra 800,000 square feet of commercial space across 60 acres of land. The planned transformation has been inspired by iconic waterfronts such as Oslo in Norway and Australia’s Darling Harbour.

    The plans include all-weather glass-fronted structures and pavilions and a pedestrian bridge from MediaCity to the Lowry and Quayside. A new boardwalk will add more nature and green space to the development.

    Thanks to projects like MediaCityUK, Salford’s transformation has given it a reputation as one of the best buy-to-let areas when investing in Manchester property.

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      Salford skyline

      How Has MediaCity Changed the Salford Landscape Until Now?

      Regeneration efforts such as MediaCityUK have already transformed the Salford area. According to the project’s website, MediaCity has become one of the world’s leading media and tech hubs in just ten years. MediaCity is now home to a cluster of 250 companies, including the BBC and ITV.

      Sustainability and green spaces are also a big focus of the development, making the area more attractive to live in. In 2021, MediaCity’s buildings became the first in the UK to achieve net zero carbon status.

      The ambitious regeneration scheme has already been a huge success. In 2016, plans for 550,000 square feet of offices and 1800 homes at the site were approved, some of which have been delivered.

      Over the next decade, £1 billion worth of investment will be poured into MediaCity to supercharge its growth, creating more workspace, new homes, more green and public areas, increased connectivity, and improved tech infrastructure.

      Salford Mayor Paul Dennett said: “MediaCity has always been a striking development that has caught the eye and imagination of so many since its inception, and so to now see the next step in its evolution is really positive.”

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      What Does MediaCityUK Regeneration Mean for Property Investment?

      Since MediaCity officially opened in 2012, average property prices in Salford have more than doubled. According to Land Registry data, in the past decade, the average Salford house has risen in value by 105% – the greatest increase of all Greater Manchester areas and above-average for the North West region overall.

      As mentioned, the creation of MediaCity has attracted high-profile companies, improving the local economy and creating job opportunities. This will enrich Salford’s appeal as a place of residence for young professionals, a demographic more likely to rent than own a house and known to prefer high-quality, modern properties to suit their lifestyle.

      This transformation has already attracted developers to MediaCity and the surrounding Salford area, looking to respond to this heightened demand with new-build and build-to-rent projects. As the MediaCity district expands as per the latest approved plans, Salford developments are being brought ever closer to this important employment and leisure hub.

      Average rents in Salford have also climbed at an incredible rate over the past 10 years, in part due to the area’s rapid development and growth. According to the ONS, the average monthly private rent in Salford was £1061 in July 2024, a massive 13.4% year-on-year increase.

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      Jessica Ferris

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      Jessica Ferris is a property writer at RWinvest, helping our readers stay ahead of property market trends with the latest news and statistics.

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