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New Northern Powerhouse Minister set to take on the South
May 18, 2015Article by Charlotte Ashton
Stockton South MP James Wharton has become the first Northern Powerhouse Minister under the new Conservative government. Under his leadership, the cities of the north are expected to unite to take on the South and redress the economic imbalance of the North-South divide.
MPs in London have been looking up at the North of England for some time, conscious of the importance of the area’s manufacturing, scientific and technology sectors. Manchester has become something of a favourite for speeches by ministers and is seen by many as the capital of the North. Leading companies have ditched London in favour of areas like Salford. Stockton-on-Tees was the setting for Prime Minister David Cameron’s first post-election visit.
The Northern Powerhouse concept was one first coined by Chancellor George Osborne. In simple terms, the idea is for the North of England to present a united front, harnessing its industrial might to take on the established powerhouse of the South-East. Businesses are certainly aware of the North’s potential and even some of the country’s peers are taking up the cause, with Labour peer Andrew Adonis suggesting relocating the House of Lords to Salford Quays.
Boom times in Salford
Salford is certainly enjoying its position in the spotlight. Recently release figures have highlighted the area’s tourism credentials, with a £24 million boost in tourism revenue recorded by the Scarborough Tourism Economic Activity Monitor (STEAM) in 2013, pushing the total year figure up to £544 million. The increase generated some 184 new fulltime equivalent jobs over the course of the year, according to the STEAM data.
Leading property investment specialists Property Frontiers have been aware of Salford’s potential for some time. Chief Executive Ray Withers comments,
“Salford is one of the most exciting housing markets in the UK right now. A steady stream of high profile companies moving into the area has brought with it an influx of young professionals looking for high quality apartments with a touch of luxury. Added to that is the influence of the Lowry Theatre, which has been Greater Manchester’s top tourist attraction for a number of years.
“Salford Quays has a real energy to it these days. It’s packed with restaurants, shops, cultural attractions and yet retains the elegance of lifestyle that only waterfront living can provide.”
Property Frontiers is delighted to be able to offer investors their own part of Salford Quays for as little as £127,000 for a duplex. The Custom Quay development will consist of 60 one and two bedroom apartments and duplexes in an iconic waterfront building, with yields of 8.4% and full management option available. Stylish, light-filled space is at the heart of the design, which is in perfect tune with the area’s current renaissance as one of the most influential parts of the Northern Powerhouse.
For more information about leading buy-to-let investment opportunities across the UK, contact Property Frontiers or call +44 1865 202 700.