Business investment into Stockport is at an all-time high, with deals on over one million square foot of commercial space completed between May 2017 and May 2018, according to a report by Stockport Metropolitan Borough Council. During the time 2,060 new jobs were created.
Companies choosing to invest in Stockport have included Advanced Laser Technology who moved to Reddish from Manchester; Prince’s Street dessert restaurant Creams and LSH Auto who are investing £60 million into a new Mercedes-Benz dealership and regional hub. Stockport’s major growth sectors include professional services, information and communication, administrative and support services, accommodation and food services.
Key employers are: Adidas, BT, McVities, Stagecoach, The AA, Lex Leasing, Allied Bakeries and Jacobs Engineering. Professional services and information and communication are the sectors expected to experience the most significant growth over the next 10 years.
289,800 people live in Stockport, of which 61 per cent are of working age (16-64). 81.6% of Stockport’s working age population is economically active, above the North West and UK averages.
Stockport supports the third largest workforce within Greater Manchester, with 128,000 people employed within the district, according to Stockport Council. In view of the investment in the town, this number is expected to grow over the next 10 years.
THE TOWN CENTRE
A £1bn regeneration of Stockport town centre is now underway.
Launching a bold and exciting range of opportunities for investment, redevelopment and letting that offer investors, businesses and developers the chance to be part of the town’s success, Stockport Council has unveiled a prospectus to highlight the town’s position as one of South Manchester’s prime investment locations.
With people at the heart of the prospectus and the change it will bring, it sets out how Stockport and co-investors will build on the success of the £1 billion transformation that is already underway, as well as celebrating Stockport’s unique character and heritage. The prospectus details how jobs and homes will be created for residents; the town centre’s leisure and recreation offer will be transformed; and the town’s first-class connectivity will be further improved.
Stockport is a prime example of an emerging area that offers investors high returns and impressive capital growth on residential developments.
Over the next year, the council estimates that 1,100 new homes will be built to cope with increasing demand. These properties will range from newly-built detached family homes to refurbished commercial facilities in the town centre – abundant due to Stockport’s industrial past.
The average price for property in Stockport stood at £264,942 in December 2018, a rise of 2.32% since 12 months ago. In terms of property types, flats in Stockport sold for an average of £158,482 and terraced houses for £174,217. This is according to the current Zoopla estimates.
Data from the 2011 Census shows that Stockport enjoys an interdependent relationship with Manchester, with a two-way commuting flow existing between the conurbation’s core and Stockport. Just over 20% of Stockport’s residents work in Manchester, underlining the excellent transport links and the high skill levels amongst residents.
London property has long been the pinnacle of investment portfolios worldwide, but a slowdown in the capital’s market is prompting a shift in attitudes.
For areas of the UK which have failed to grab investors’ attention in the past, large cash injections and a shift in government policy have helped fuel immense residential and commercial growth.
The high-level of investment in Stockport, from the town centre regeneration to the new transport interchange, had led the region's mayor Andy Burnham to say that these initiatives "demonstrate a clear ambition" for the town to "become a key urban centre in South Manchester". They certainly back up Irwin Mitchell’s report that the town has the fastest growing economy in the North West.