The first tranche of the government’s £4.8bn Levelling Up Fund which sets out to deliver regeneration and transport projects across the UK has been revealed. As part of the Budget, 105 successful projects were named, with more set to be announced.
A total of £232m was allocated for projects in the North West – more than any other region in the UK. Both Manchester and Preston will both be given significant investment for key projects.
Preston will receive funding for the University of Central Lancashire to expand their Burnley campus, whilst Manchester City Council has been awarded funding to repurpose Campfield Market in the city centre. The scheme will deliver almost 80,000 sq. ft of modern workspace and forms part of the council’s £19.8m bid for “Culture in the City” which aims to build on the city’s current culture offering, whilst also creating spaces for small business to start up reusing heritage architecture.
When the bid was initially submitted, Council Leader Sir Richard Lees said: “The Culture in the City bid will further develop the tech presence in Manchester – a key growth industry that has the potential to have an enormous impact on the employment opportunities for local people, while bringing key city centre sites back in to use. The importance of investing in projects that have this type of economic potential cannot be underestimated as we recover from the pandemic.”
The Budget, delivered by Rishi Sunak last week, provided further good news for Manchester, with £1.07bn heading to the city region over the next 5 years to boost public transport. Chancellor of the Exchequer Rishi Sunak said: “The Budget delivers a stronger economy for the whole of the UK with the North West receiving support to drive business growth, boost the local economy and help working families with the cost of living.
“Greater Manchester will receive almost £1.8 billion in investment to expand and enhance local transport networks, providing funding for projects such as next generation Metrolink tram-train vehicles and battery power for rolling stock to expand the Merseyrail network.”
With superb rental returns, the North West continues to be one of the UK’s most attractive regions for property investors. The significant new funding planned for the coming years announced by The Chancellor will only enhance the region in the future. Find out more about our investment opportunities in Preston and Manchester