The Ashton Canal runs through the heart of Piccadilly Village. It was built at the end of the 18th century and soon prospered, carrying coal and raw materials to the mills and taking out the manufactured products and even carrying passengers. Goods were still being carried on the canal up until the early 20th century, however as traditional industries began to decline so did the quantity of goods carried on the canal , by 1955 trade had shrunk by 85% and by the mid 1960 the canal was un-navigable and threatened with complete closure. However, a campaign was launched in the 1970s to not only to keep the canal open but to also restore it. Since then, it has proved to be popular for leisure uses and forms an important link on the Cheshire Ring network of waterways in the region.
Piccadilly Village was built in the early 1990s on the derelict site of goods wharves and a metal works known as Phoenix Works. It was originally conceived as a mixed use development containing residences, craft studios, shops, offices and a pub; however, it has evolved into a predominantly residential site. It was the first new build residential scheme of the era pioneering the subsequent boom of city centre living of the 1990s. The development was aided by a grant from Central Manchester Development Corporation, which was set up regenerate Manchester city centre; this funding allowed the high quality of building standard. The estate was formally opened in 1991 by Michael Heseltine - a plaque on the canal bridge commemorates this.