09/03/2010

Property in Manchester to benefit from canal regeneration

New Islington in Manchester is to get a massive boost with a £4.4 million investment in a revamped waterway and new bridge, which are likely to attract renters and buyers to the area.

Northwest Development Agency, who are behind the project, are aiming to attract more than £250 million-worth of investment from the venture to enable the regeneration of the surrounding area, which emulates the cultural hub of north London.

Eddie Smith, chief executive of New East Manchester said: "Opening up the area and connecting it to Ancoats and the Metrolink station at Pollard Street, through pathways and bridges, gives us the opportunity to attract more private sector investment through high quality commercial and residential schemes.

"I have no doubt that, in time, New Islington will be one of the most sought-after parts of the city to live, work and play and this is another important step towards realising this vision."

The agency has planned for almost 1,500 homes to be constructed, which could result in plentiful opportunities for landlords.