Co-op calls off NOMA JV talks

The Co-operative Group announced on Wednesday it was no longer in discussions with Delancey and Landid regarding the proposed joint venture to develop NOMA, the 20-acre mixed-use redevelopment of Manchester city centre.

A statement said: "Following amicable discussions over the past 12 months, all three parties have decided not to pursue the joint venture further."

A spokesman for NOMA said: "As part of our continued commitment to Manchester, we see the NOMA development progressing in a way which reflects the values and principles of the Co-operative Group. Delancey and Landid understand and respect that view. Whilst we recognise the track record, undoubted talent and complementary expertise Delancey and Landid could have brought to the project, we have been unable to agree the priorities for the scheme.

"We always said that if we could not secure a partner on mutually acceptable terms, then we would continue to develop Manchester's sustainable city centre district ourselves, and that is what we will now be doing, in the best interests of the Group and its members. We have a clear three-year plan to achieve that objective and are pressing ahead, with urgency, on that basis.

"We are not ruling out the possibility of working with one or more partners in the future, but in the meantime we are already engaged on delivering the next phases of this exciting development.

"The £800m NOMA development is unlike any other development in the UK, and we are confident that this regeneration of Manchester city centre will continue to flourish under our guidance."

Your Comments

Shame. First the Lloyds banks, now this…, where will it end?

By Robert Owen

Subscribe to our newsletter