Co-op HQ on market for £150m

The Co-operative Group has confirmed plans to sell and leaseback its new headquarters in the NOMA district in central Manchester.

A spokesman said in a statement: "I can confirm that we are talking to a number of interested parties about the possible sale and leaseback of 1 Angel Square.

"The building is market-leading in terms of construction, location and facilities, and on completion will be the most environmentally-friendly large office space in Europe. With future-proofed design and build, coupled with outstanding transport links, 1 Angel Square sits at the heart of NOMA, the 20-acre redevelopment set to transform the Northern district of Manchester city centre over the next 10 to 15 years.

"There is nothing else like it in the UK, and consequently we would hope to attract a lot of interest."

Jones Lang LaSalle and WHR Property Consultants have been appointed to market the building, which is likely to be bought by a foreign sovereign wealth fund or institutional investor.

Regional office investment deals in excess of £100m are extremely rare. Manchester has seen two in the past decade, both in Allied London's Spinningfields, where the Civil Justice Centre sold for £165m and 3 Hardman Street for £183.5m.

One Angel Square will contain 325,000 sq ft and was designed by 3D Reid and is being built by Bam at a cost of £100m. It will be ready for occupation by 4,000 Co-op staff later this year.

The Co-op recently picked Delancey and Landid as its preferred development partners for the remainder of the NOMA development.

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