Why Salford is a city to watch
More than 14,500 new homes and almost 2.3m sq ft of commercial floorspace have been delivered in the city within the last five years alone – growing Salford’s GVA to £7.8bn, writes John Searle of Salford City Council.
Salford is not slowing down, either. Its GVA is set to double in the next decade, reaching nearly £16bn.
The city’s growth indicators remain solid and on track to deliver circa 40,000 new homes and circa 40,000 new jobs by 2040, underpinned by a growing business base with both sector diversity and specialization.
Salford’s significant growth and investment is delivered in collaboration with our private sector partners. These partners have committed long-term to the city in the delivery of large scale, place-based regeneration. The fruits of their labour can be found throughout the city, from MediaCity to the city centre to the future Port Salford.
Salford Quays and MediaCity
The historic regeneration of Salford Quays remains one of the city’s greatest success stories, but there is much more to come. Phase two of MediaCity will see it double in size over the next decade, with Landsec partnering with Peel L&P in driving forward development and placemaking plans alongside the council’s Salford Quays 2030 vision.
While broadcasting remains a key element of MediaCity’s offer, it is now also home to international brands Kellogg’s and Ericsson, as well as 250 SMEs within the tech, digital, and creative sectors.
Following the recent announcement that funding for a new Immersive Technologies Innovation Hub has been secured at MediaCity we’re expecting to see more companies, innovators and entrepreneurs calling MediaCity home.
Almost 10,000 people now work and study within MediaCity, and thousands more are residents. Naturally, this has created demand for a town centre offering, with Peel L&P looking to multiple partners to reshape the Quayside MediaCity offer (formerly The Lowry Outlet Mall), to provide health, community, and convenience services.
This summer will also see the launch of Central Bay – a new waterfront dining destination. Central Bay will be the first of its kind for Salford and one of the biggest restaurant hotspots in the region.
MediaCity is embracing Salford’s history as a pioneer in the world of live, work, and play. After all, the concept of the weekend was invented here in Greater Manchester by Salford Lyceum director and workers’ rights activist Robert Lowes (who also happens to be Sir Ian McKellen’s great grandfather).
The city’s first free “We Invented The Weekend Festival” takes place on 3 and 4 June, bringing to fruition Salford’s Cultural and Place Partnerships commitment to host nationally recognised events for all to enjoy. A definite date for your diaries!
City Centre Salford
Head east from MediaCity to the city centre and you’ll find another buzzing commercial area.
The English Cities Fund’s New Bailey has attracted major occupiers such as telecommunications giant BT Group and Magic Circle law firm Freshfields Bruckhaus Deringer, alongside WH Ireland, Eversheds Sutherland, BLM, and HMRC. Most recently, Matillion and The Competition and Markets Authority (CMA) set up shop in the area, making up the two largest property deals so far this year within Manchester and Salford city centre.
According to data from the MOAF, in Greengate, 100 Embankment was named ‘Manchester and Salford’s best performing office’ for 2022. The building is currently occupied by Aecom, X+why, and is soon to be home to Deloitte.
Construction of Eden, Salford’s flagbearer office scheme for sustainability in the UK is set for completion in 2023. With running costs 60% cheaper than a traditional office, it’ll be home to forward-thinking businesses who take their green credentials seriously.
In getting the city where it is to date, the council has had to take risks and intervene in the market. Salford City Council has invested in grade A office schemes at New Bailey and Greengate to maintain the pace of development, helping grow the office market and Salford’s business economy.
However, it doesn’t just stop here. Our development ambition continues with Crescent Salford, a £2.5bn, 240-acre city district in partnership with ECF, ourselves, and University of Salford.
The development will be focused on improving access to education, enhancing the region’s residential offering, and delivering world-leading facilities in acoustics, robotics, orthotics, and prosthetics.
Delivery of the Crescent Innovation District is motoring forward with the opening of Energy House 2.0, North of England’s Robotic Centre, and Salford Rise – a piece of pedestrian infrastructure over Frederick Road that will connect the district to local communities and businesses. Construction of Salford Rise is set to start in the coming months.
Salford will also, no doubt, have a crucial role to play in Greater Manchester investment zone discussions and in shaping the city regions approach moving forward.
Greater Manchester Western Gateway
There’s huge opportunity for the North in developing a regional-scale employment hub to attract cutting-edge logistics and advanced manufacturing operators to the city via Port Salford.
Port Salford is covered by Freeport status and integrated with Liverpool SuperPort. It will be a multi-modal freight interchange comprising 1.6m sq ft of warehousing and logistics space. Port Salford is set to deliver £138m of investment, up to 2,000 jobs, and £20m of GVA to the Greater Manchester economy. Along the way, it will also enable a reduction in carbon dioxide emissions of 14,900 tonnes per annum.
Port Salford forms part of Ocean Gateway, a redevelopment strategy for the North West in revitalising the Manchester Ship Canal Corridor by Peel L&P.
Future of Salford’s Towns
Whilst continuing development in the regional core remains a priority, we have been looking at ways in accelerating Salfords regeneration programme and growth across our townships. Watch this space for future announcements on how we plan to do this.
Catch up with the Salford team at UKREiiF
Salford is once again joining the Greater Manchester contingent attending UKREiiF and will play a key part in various activities across the wider conference programme.
In attendance is myself, chief executive Tom Stannard, head of development Kurt Partington, and strategic lead for investment Sarah Ashurst.
We’ll be based at the Canary event space, same spot as last year. If you’re passionate about partnership and interested in all the opportunities Salford has to offer – come and talk to us. We’ll be waiting.