A trans-pennine rail route would be more important than the HS2 link to London, according to the biggest investor in Manchester's property market.

Chris Taylor, chief executive of Hermes Real Estate, said boosting the economy of the north would be more significant than "shaving a few minutes off the journey time to London", the Manchester Evening News reports.

Hermes has invested in Manchester for decades and is currently involved in a number of projects, including The Co-operative Group's £800m NOMA development near Victoria Station.

Earlier this year, the One North scheme was proposed by Manchester, Liverpool, Leeds, Sheffield and Newcastle city councils. The 15-year programme of investment would improve transport links between the cities, with a high-speed transpennine rail link significantly reducing journey times.

Mr Taylor said his firm will continue to invest in Manchester in the future. "It's a global city with stable political leadership and that means we can see coherent opportunities for investment, long term," he stated.