The line is projected to cost a total of £350m and its total length will run to about 3.4 miles, from Pomona out to the Trafford Centre. Along the way, the new line will provide greater access to MediaCityUK, Old Trafford football and cricket grounds, Event City, and Trafford Park – Europe’s largest trading estate, home to more than 1,300 businesses which employ more than 35,000 people.
It will also stop directly outside the Knight Knox office which is perfect for property investors looking to stop in for a visit!
The new Metrolink route is predicted to have a big economic impact on the areas it passes through, helping them to grow and contribute even more to the regional economy.
The value of homes in the area is also likely to increase rapidly. House prices tend to grow whenever new amenities arrive—research shows the measurable benefit of having a brand new supermarket, restaurant or shopping precinct open in the vicinity, but the addition of a tram line is on another level entirely.
There has been ample evidence of the beneficial effect of a new tram line in various different areas of Manchester in the last decade – the so-called ‘Metrolink Effect’. The Manchester Evening News cites some eye opening figures which illustrate how important a tram line can be to a local area:
The number of sales in the Wythenshawe area doubled between 2013-2014, coinciding with the construction and opening of the Metrolink’s Airport Line.
Sales also doubled in the Failsworth, Prestwich and Didsbury areas since the Metrolink expanded their lines in 2013, while the Ancoats area has seen a massive 122 per cent rise in the same time period.
These statistics show how significant a new Metrolink line is for the housing market. Given that the Manchester housing market has done nothing but grow in the years since, it is very likely that the Trafford line will provide similar benefits to the city.
A tram line often acts as a spur for further investment in an area, with Salford Quays and Trafford are particularly well placed to benefit from this. The area is already a buy-to-let property investment hotspot and leads the UK market with high rental yields and strong potential for capital appreciation.
The past five years has seen the total number of businesses in the area increase by a fifth and the local economy grow by 15%, putting it second in the Greater Manchester region, second only to the city of Manchester itself. Further economic growth of 68% and the creation of another 24,000 jobs are expected over the next two decades, with the new Metrolink line certainly a big part of that.
Local businesses and homeowners should be looking forward to the opening of the new Trafford Metrolink line in a few years – not to mention the many people who will have better access to some of Greater Manchester’s most impressive sights!
Interested in investing in Salford Quays? Have a look at our latest buy-to-let investment opportunities in the area...