While today’s sharing economy is fuelled by digital bandwidth and a drive for efficiency, global innovation originally steamed through Manchester’s waterways three centuries ago. Once Sir Richard Arkwright unveiled the first steam-driven textile mill in 1781, the city became the global capital of mass production.
Manchester was the original smart city. Since then, industry has shifted towards financial services, engineering and education. This underpins the city’s current role as European City of Science.
However, despite the obvious growth in technology, the benefits afforded through transport investment remain seismic. For investors taking a long-term view of development, the connectivity offered by flights to 220 destinations and a £44m revamp of Victoria Station creates real confidence that the potential of the city can be fully realised.
Both Sir Richard’s mill and Victoria Station sit on the doorstep of NOMA, the 20-acre neighbourhood we believe to be the UK’s most ambitious regeneration scheme.
ringing more jobs and investment into the city centre has driven change. And at last week’s MIPIM, it was another Sir who shone as a beacon for Manchester’s latest phase of dominance: Sir Howard Bernstein.
As Manchester council’s chief executive, he has captained the ship of opportunity with gusto, navigating prevailing political and business tides skilfully. He has embraced every inch of a community keen to underpin its own renaissance.
Because of this, we have been able to harness the great Co-operative heritage and come together to play our part. Renewing the Northern powerhouse is about harvesting the great elements of our past without being restricted by them.
The 400,000 sq ft of new office space we are now pre-letting at 2 and 3 Angel Square will pay homage to previous architectural splendour. But it is crucial we embody the sense of self that sets Manchester apart and it is this that will make it such a thriving place to start or expand a business.
In creating a powerful partnership between the Co-operative Group and Hermes Investment Management, NOMA combines the enterprising vision of the industrialists and the original co-operative virtues.
The blank canvas we have enables us to think differently and on a far greater scale than most urban mixed-use schemes. The shift in office working, shopping and the need for professionally managed rental housing are all in our considerations.
Those seeking better-quality space at a better price need only look to the fact that two-thirds of FTSE 100 companies have a base in Manchester.
London’s dominance must not fade, but chancellor George Osborne’s promise to drive investment in the North West, combined with Sir Howard’s firm regional leadership, are part of a powerful draw.
Just as Arkwright’s cotton mill was an architectural and cultural milestone, so our new vision for a smart, science-led future will sow the seeds for the evolution of Manchester into a global powerhouse.
David Pringle and Chris Darroch are, respectively, director at the Co-operative
Group; and fund director, Hermes Real Estate
