The Games were widely regarded as a success

The success of the Games will also attract a predicted 300,000 visitors a year to the city.

The report says 59% of east Manchester residents - where most events were held - are satisfied with their neighbourhood.

It is estimated 6,300 full time jobs were also created as a result of the Games.

Councillor Richard Leese, leader of Manchester City Council, said: "Our initial assessment looks very positive.

The impact of the Games �570m prospective investment for east Manchester �600m invested in Manchester and the North West as a result of the Games Rate of return almost triple the investment 6,300 full time jobs created 300,000 new visitors attracted to Manchester 59% of residents in east Manchester satisfied with their neighbourhood

"No one can doubt that the Games itself proved to be a huge success and the long term benefits for the people of Manchester is a fantastic legacy.

"Not only is east Manchester being transformed beyond recognition but tourism, jobs and investment are all on the up."

He added that council tax increases would remain below the rate of inflation for the next three years.

The revenue generated by the Games will go someway towards off-setting their cost.

Over �160m was spent on venues, including the �110m City of Manchester Stadium in east Manchester, which will be the home of Manchester City FC from next season.

The Games cost the council �72m while Sport England and the government provided �160m and �37m respectively.

Commercial income from the likes of ticket sales, sponsorship, television rights and merchandising totalled �56m.