The Old Trafford regeneration project is edging nearer to reality, with Trafford Council preparing to consider the creation of a Mayoral Development Corporation (MDC) that would oversee one of Europe’s largest regeneration initiatives.

Valued at around £2.4 billion, this transformative scheme aims to reshape the Old Trafford area with thousands of new homes, commercial space, community facilities, and transport upgrades. The council’s executive committee is set to review the proposals this week, with a strong recommendation for approval.

If granted, the regeneration programme will not only redefine Trafford’s urban landscape but also deliver significant economic, social, and investment opportunities across Greater Manchester.

A £2.4 Billion Vision for Old Trafford

The regeneration masterplan outlines the delivery of up to 7,000 new homes over the next two decades. This includes a diverse mix of modern apartments designed to meet the needs of a growing and varied population. Demand for apartments has risen sharply across Greater Manchester, with official ONS population projections showing continued growth over the next 20 years.

Beyond housing, the Old Trafford regeneration project will deliver:

  • New office and retail space to attract employers and create jobs
  • Improved public realm, with high-quality open spaces and green corridors
  • Cultural and educational facilities to enhance community wellbeing
  • Transport upgrades connecting Old Trafford more effectively to Manchester city centre and neighbouring boroughs

This comprehensive mix of development ensures the scheme is not just about new buildings but about creating a sustainable, inclusive, and economically vibrant district.

Why a Mayoral Development Corporation?

To manage such a large-scale transformation, Trafford Council has proposed the establishment of a Mayoral Development Corporation. If approved, the MDC will bring together key stakeholders, including the Mayor of Greater Manchester, local authority representatives, landowners, and businesses.

This governance model is proven to accelerate delivery by consolidating decision-making and aligning public and private sector investment. A similar approach has been successfully implemented in other regeneration areas across the UK, helping to streamline planning, unlock funding, and build investor confidence.

The Greater Manchester Combined Authority (GMCA) has already highlighted regeneration as central to the region’s economic strategy, making Old Trafford a priority area for sustainable growth.

Economic Growth and Employment

The Old Trafford regeneration project is expected to act as a major catalyst for economic development. Early estimates suggest the initiative could create thousands of new jobs across construction, retail, leisure, and professional services.

According to JLL research, Manchester has consistently ranked as one of the strongest-performing regional economies in the UK, with job creation and inward investment outpacing other northern cities. By focusing on Old Trafford, the regeneration taps into an already robust growth trajectory, helping Trafford further integrate into Greater Manchester’s wider economic strategy.

Alongside employment, the scheme will stimulate local businesses, attract international investors, and create long-term value for the regional economy.

Social and Community Benefits

While the economic impact is significant, the regeneration also prioritises community outcomes. The project includes proposals for:

  • New schools and educational facilities
  • Cultural and leisure spaces to support local residents
  • Accessible green areas designed to promote wellbeing
  • High-quality housing, with a focus on energy efficiency and sustainability

These measures align with the government’s commitment to building sustainable communities, ensuring that regeneration benefits are shared widely rather than concentrated in specific areas.

Property Investment Opportunities

For investors, the Old Trafford regeneration project represents a compelling opportunity. Trafford is already one of Greater Manchester’s most desirable boroughs, offering a combination of strong rental demand, excellent transport links, and proximity to both Manchester city centre and Salford Quays.

The creation of up to 7,000 new homes, particularly modern apartments, will add supply in an area where demand has historically outstripped availability. Rental growth across Manchester has averaged 8.6% year-on-year according to Rightmove, while Savills’ forecasts suggest further rental increases of over 18% across the North West between 2025 and 2029.

For investors considering long-term growth, the Old Trafford regeneration project is strategically positioned:

  • Short-term lets (STLs): Proximity to Old Trafford stadium, Salford Quays, and Manchester city centre will ensure steady demand from visitors and professionals.
  • Assured shorthold tenancies (ASTs): The area’s connectivity and regeneration-led growth make it attractive for young professionals, families, and key workers.

This dual rental strategy allows investors to diversify income streams while benefiting from long-term capital appreciation.

Next Steps for the Project

If Trafford Council approves the proposals, the Mayoral Development Corporation could be established in 2025. This would allow for more detailed planning, engagement with investors, and phased delivery of the regeneration programme.

The decision will mark a significant milestone, positioning Old Trafford as one of Europe’s most ambitious and high-profile regeneration schemes. For Greater Manchester, it is an opportunity to demonstrate how strategic planning, public-private collaboration, and sustainable design can create a thriving urban district for generations to come.