North West Commercial Review

NW Commercial Review

The civic architecture of cities like Manchester, Liverpool and Preston speak of a once-great industrial past. The decline and social deprivation in many inner city neighbourhoods is the result of the collapse of the Northwest's traditional industries in the post war years.

But since the 1980s the region, with Greater Manchester as its economic driver, has been making a comeback. According to Experian Business Strategies, the economic forecasting consultancy, the Greater Manchester area is forecast to outperform both the Northwest and the UK as a whole over the next decade with average annual output growth rising to 2.8%.

Experian says the regions traditional industries will continue to decline but the service sector - driven by business Services, Banking & Insurance and Communications - will show significant growth over the next 10 years. For example, the North West Regional Development board (NWDA) has invested £30m in a new arts and media centre, to be anchored by a new BBC centre in Salford. Plans for the formation of a Media Zone of independent production facilities and services followed discussions with the BBC and the Salford and Manchester city councils.

Its a far cry from Manchester's "cotton-spinning" heyday but some things remain the same. "There is a huge entrepreneurial spirit in the Northwest", says Malcolm Edge, chairman of the northern business area for KPMG.

Developers bonanza

All this is good news for Britain's property developers and investors. In collaboration with local regeneration agencies they have played a central role in regenerating the regions cities and risking huge sums in the process. And one of the largest of these regeneration projects is Grosvenor Estates Liverpool One project. This is now scheduled for completion in 2008 when Liverpool becomes the European Capital of Culture.

Article courtesy of - Property Investor News

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