Co-op confirms JV talks over Noma
The Co-operative Group has entered into exclusive talks with developers Delancey and Landid to form a joint venture for its £800m Noma development in central Manchester.
The Co-op said the 'announcement represents a milestone for the ambitious project which will transform 20 acres of the city's Northern Gateway into a high quality development, providing 4m square feet of office, residential, retail and leisure space.'
The first phase, the £100m new head office, 1 Angel Square, is due for completion in September, with additional phases coming online throughout the course of the year.
David Pringle, director of NOMA, said: "This represents a great opportunity to bring together businesses of equal pedigree and financial standing. Delancey and Landid have the track record, undoubted talent and complementary expertise that will enable us to drive the Noma project forward in the way we have always intended.
"Delancey have already demonstrated a commitment to Manchester through previous developments, and have an excellent understanding of the national and North West property markets. This, coupled with our shared experience and brand reach, will ensure that investors and occupiers will be comfortable and confident working with both parties.
"We have a shared belief in what Noma can deliver to partners and the city, and we are looking forward to delivering this vision together."
Paul Goswell, managing director of Delancey, added: "Noma is one of the most exciting redevelopment opportunities in the UK today. It is part of an incredibly vibrant city centre and has the critical mass needed to create a new integrated residential and commercial district, in keeping with today's urban lifestyles. We are delighted to be in exclusive talks with The Co-operative and, with our partner Landid, are relishing the challenge of creating something truly special for Manchester."