Tram extensions may boost Manchester property - commercial mortgages

16 May 2008

Those with commercial mortgages in the Manchester area may be in for a boost after the government confirmed it was releasing extra funds to help develop the city''s transport network.

Secretary for Transport Ruth Kelly confirmed today that £244 million will be added to the existing budget for the expansion of the Metrolink tram system, taking the entire budget for three new lines to 3520 million.

These new lines will extend the system to Rochdale, Oldham and Chorlton.

A separately funded line through east Manchester to Droylsden has already been confirmed and should be ready in 2011, a year ahead of the other three extensions.

The potential for commercial property development along this route has already been identified by regeneration body for the district New East Manchester.

Its planning blueprint for 2008-18 includes the locating of higher-density mixed-use developments in locations near to stations on the line.