The joint venture between Delancey and the Co-operative over the 20-acre NOMA scheme in Manchester city centre has still not been signed off, despite the partnership being announced last April.
Several sources close to the scheme told EG there was “mounting frustration’ in Manchester as NOMA jostles for several large office requirements, including Bupa’s 180,000 sq ft relocation from nearby Salford Quays. Ask Developments’ First Street and Allied London’s Spinningfields is also on the Bupa shortlist and could offer the sites up immediately.
NOMA has also been linked to a possible 250,000 sq ft office requirement from Barclays Bank.
“New-build occupiers like Bupa will want a simple transaction on a site that is ready to go,” said one source. “At the moment, NOMA can’t offer that and it might end up losing out to schemes that can.”
Delancey is understood to be paying special attention to a couple of key clauses around the joint venture before signing it off.
The Co-operative has delayed its own move into its new 330,000 sq ft headquarters on the site, One Angel Square, until the summer. It was due to complete last October.
NOMA has consent for 4m sq ft of new commercial space and an overall development value of £800m.
David Pringle, director of NOMA, said: “As you would expect, these negotiations are complex, and – rather than attaching an arbitrary date to their conclusions – we will announce their outcome as and when they are completed.”
Delancey declined to comment.
simon.binns@estatesgazette.com
