Construction will begin soon on the next phases of the £800 million NOMA scheme in central Manchester, billed as the UK’s largest regional development project, following agreement on a 50:50 partnership between the Co-operative Group and Hermes Real Estate.
The two companies have exchanged contracts for the 20 acre development in the northern quarter of Manchester, although a spokesperson said the financial deal would not be finalised until the middle of May.
Planning permission has already been secured for the renovation of the Grade 11 listed offices Hanover building, the first under the joint venture on which construction is set to begin. The renovation will provide 91,000 sq ft of Grade A office and retail space.
The partnership will develop the buildings and land within NOMA to deliver a new mixed use district in Manchester City Centre. Director of NOMA David Pringle said: “Together The Co-operative Group and Hermes Real Estate have a shared belief in what NOMA can deliver and over the next 10 years we plan to create a new neighbourhood, designed to meet the needs and aspirations of modern businesses with a real community at its heart.”
The development will include new offices, homes, shops, hotels, restaurants and cafés, and refurbishment of several iconic listed buildings as well as creation of contemporary outdoor squares and spaces.
Already completed in the NOMA district is the 72.5 metre tall, landmark £105 million One Angel Square building, which has been the Co-operative group’s headquarters since it was opened in November last year.
CEO of Hermes Real Estate Chris Taylor said: “We are delighted to enter into this strategic land partnership with The Co-operative Group. This is consistent with our UK strategy of investing in commanding sites within major urban areas that combine the benefits of improved infrastructure, regeneration, enhanced public realm, proximity to major retail and leisure facilities and which, ultimately, provide a sustainable place for people to work and live.”
