Experts seek new models for city centre resi development

MANCHESTER needs to woo international institutional investment in city centre residential property development, according to a panel of  experts.

Speaking at the Great Manchester Business Conference lawyer Stephen Chalcraft said the city needs to find “new models” of funding development, which could unlock investment from US funds, if it is to attract and retain the skilled workforce the city region needs.

Mr Chalcraft, head of regeneration at law firm Pannone, part of Slater & Gordon, said: “We have to enhance and develop residential offering in the city to compete on an international stage, we need good quality accommodation in line with the flexible way people work and live.

“We want smart, young people to come here, to work, live, interact, collaborate and create ideas.”

Phil Cusack, president of Greater Manchester Chamber of Commerce and regional director of property consultants AECOM, agreed, adding: “The city centre has about 19,000 people living in it, if you look at most other major European cities we would be behind them, and we do need to change this.

“We have not got to be thinking about developing green belt in Cheshire and Lancashire, but about the city centre.”

Chris Baguley, managing director of property funding company Bridging Finance said there are a number of exciting projects around the region, including Airport City/

From a city centre perspective, he praised  the council for attempting top create new destinations by “re-engineering” old ones.

“The best example has to be around St Peter’s Square, which had fallen behind the times, but there is now going to be a new piazza, and a new space. We have to keep innovating like this.

Mr Cusack said the Chamber had estimated, conservatively, there would be £15bn worth of infrastructure investment in Manchester city region up to the end of 2017.

“I have not seen positivity as a result of this since the early 2000s.” he added.