New district has added £380m to city’s economy
A major development scheme in Manchester has already added £380m to the city’s economy – according to a new report.
NOMA supports thousands of jobs, delivers hundreds of millions of pounds in wages, business rates and GVA annually, according to the report.
The report looks at the social and economic value the new neighbourhood has had on the city.
The report found that over £210m in wages and £380m in GVA is generated by NOMA each year, with Manchester City Council also benefiting from a further £4m in annual business rates revenue.
There are currently around 5,500 people working across NOMA, in roles spanning from finance and professional services through to the tech, media and creative sectors, as well as social enterprises.
The report, which was produced by economic development and regeneration consultancy Hatch Regeneris, found that a further 600 highly skilled jobs will be created within NOMA when Amazon opens its first UK headquarters outside of London at Hanover, a former drapery warehouse that has been converted into office space.
Future occupiers at NOMA’s other upcoming or completed office developments will also create significant further employment opportunities in Manchester, boosting NOMA’s overall economic contribution.
As will the completion of Moda Living’s Angel Gardens this October, which will provide 466 high quality homes for rent.
The construction activity to date at NOMA has delivered a boost to the local economy and workforce: of the £150m in construction spend so far, 70% was spent within the Greater Manchester area, while 62% of the construction workforce employed within that time period came from within the city region.
Around 1,000 construction workers have received formal training since development activity at NOMA commenced.
Over 80 apprentices have been involved with the regeneration work to date, contributing to the £4.5m in social value that has been created so far, together with over 1,000 volunteers who have helped design, develop and run events at NOMA.
In total, NOMA will provide 2.5 million sq. ft. of both new-build and renovated office space, situated alongside housing and public realm, as well as retail and leisure opportunities.
Currently there are seven buildings at various stages of planning and development in both the listed and new-build elements of NOMA.
Hermes Investment Management is the investment manager of the NOMA development, working on behalf of an institutional investor, with development and asset manager MEPC taking forward the new-build element of NOMA.
Stephen Bradley, senior asset manager at Hermes Investment Management, said:“This report demonstrates that NOMA is already having a positive impact in Manchester through its economic and social contributions, with plenty more in the pipeline to come.
“Creating a genuine neighbourhood means fundamentally thinking about how people and place tie together and that means going above and beyond an investment approach that looks solely at returns for investors, taking into consideration as well how we can benefit the wider community.”