On the right channel; The world's biggest media complex will transform the property market in Manchester. Now is a good time to buy, says David Spittles

David Spittles

MANCHESTER may have missed out on a Las Vegasstyle supercasino but the city is getting the world's biggest purpose-built media complex, a new 200- acre "creative quarter" with residential and retail space alongside state-of-the-art film and broadcasting facilities.

The BBC is relocating about 1,500 staff from its London offices, primarily in White City, which is undergoing its own huge regeneration programme. Employees will be given up to £11,000 each to offset the cost of moving and the BBC has agreed to buy their London homes for up to 95 per cent of their value.

The move, planned for 2011, is certain to cause big property ripples in Manchester, a small city compared with London that has a glamorous, yet much cheaper, housing scene.

Many of the relocating BBC workers will have money to spend with gains made on their London homes. In addition, London-based buy-to-let landlords will see an opportunity to invest in the Manchester rental market, where there are some good deals on offer.

Though the BBC move is three years away, buying now rather than later could prove beneficial, according to experts. Manchester's property market, especially the new-build sector, has stalled.

Prices have fallen and a glut of unsold new flats means there are bargains to be had. Moreover, it is possible to buy off-plan today with a 10 per cent deposit and take occupation of the property in 2011.

"Values have dropped by as much as 20 per cent in some cases and nobody quite knows where the market will settle," says Julian D'Arcy, chairman of estate agent Knight Frank's northern region.

"But there's now a freeze on new development and gradually supply will start to match demand again." New one-bedroom, city-centre flats start from about £130,000, while hundreds of studio apartments priced below £90,000 are in the development pipeline.

Several "iconic-design" residential towers are also under construction, offering luxury penthouse living.

MediaCity is being built at Salford Quays, a canalside regeneration area seven minutes from Manchester city centre via a new tram link.

Already home to The Lowry arts centre, the Imperial War Museum North and various office occupiers, Salford Quays is a Docklands-like area on the up.

About 15,000 people working for 1,000-plus creative-sector businesses are expected to be based at MediaCity. Seven million square feet of floor space is planned £1.5 billion of investment.

"It will be to Manchester what Canary Wharf is to London, providing a major boost to the city," says Brian Greasley, managing director of Peel Holdings, the developer of MediaCity.

BBC departments moving there include sport, children's TV and Radio 5 Live but the broadcaster will account for only 10 per cent of the space being built.

Greasley adds that he is negoti- ating with other high-profile media companies. "We are redefining the media industry. It will be the main hub in the UK and Europe, twice the size of Manhattan's financial district." About 2,250 flats are to be built within MediaCity itself and at least the same number at neighbouring sites.

Yoo, the fashionable London developer working with designers such as Philippe Starck is among the companies building homes at Salford Quays.

Its Manyoo scheme is about to start, with completion due in 2011. This comprises four glass skyscrapers 1,036 apartments in total, including "space-efficient smartpads" (bijou studios) priced from £89,000. It is a joint venture with KW Linfoot, one of the region's biggest developers. Call 0113 391 6300.

Salford Quays

"Salford Quays reminds me of London's South Bank eight or so years ago; it's an exciting place with a big future," says John Hitchcox, Yoo chairman and co-founder of Manhattan Loft Corporation, the developer that brought designer loft apartments to London in the Nineties.

Hitchcox has been described as "the Miuccia Prada of the property world", in that he knows how we want to live before we do.

Buyers at Manyoo will get Jade Jagger-designed interiors.

Corridors in the one-bedroom flats have been eliminated to maximise space. Studios 200sq ft will be like a "posh hotel room".

The rationale is that these compact flats will satisfy the needs of many MediaCity workers who merely want a well-designed crashpad moments from the office or recording studio. A number of those relocating from the capital will probably keep their London property and rent a flat in Manchester.

Apartments designed by architect Conran & Partners are the only ones ready to move into. These are attractive, spacious flats priced from £174,500. Call Knight Frank on 0161 838 7744.

The scheme is called Salford Quays. Developer City Lofts offers a full rental management service including finding tenants through its Vivacity sub-division. Typical rent for a one-bedroom flat is £650 to £700 a month and £850 a month for a two-bedroom flat.

Ask Developments is building studios at Salford Quays and in Manchester city centre under the Abito brand. These 356sq ft flats have a central bathroom pod and space-saving gadgets such as a drop-down bed. Prices from £85,000. Call estate agent King Sturge on 0161 835 2694.

"Manchester has some very distinctive buildings coming through that break the mould," says architect Ian Simpson, who is soon to move into a 12,500sq ft penthouse at the top of Hilton Tower, a mixed residential and hotel scheme that his practice designed for developer Beetham Organisation.

"We work in both London and Manchester and there is no real difference in terms of design quality but prices in London are much higher. The beauty of Manchester is its compact scale. You can walk across the city in 45 minutes. If you live in the centre you have everything the city has to offer right on your doorstep."

FOR MORE NEW HOMES, VISIT homesandproperty.co.uk From £137,000: Milliners Wharf (right) in Ancoats, East Manchester.

Call Knight Frank on 0161 838 7744.

For more on properties in Manchester, see page 47

Crash pads with Jagger design

JOHN Hitchcox, chairman of fashionable London developer Yoo, has been described as the Miuccia Prada of the property world as he seems to know how we want to live before we do.

The Manyoo scheme at Salford Quays is due for completion in 2011 and features interiors designed by Jade Jagger.