The Co-Operative Group and Hermes Real Estate have completed their joint venture agreement to bring forward the £800m NOMA scheme in Manchester city centre, as revealed by Estates Gazette.
Over the next 10 years, the 50/50 partnership will create a 20-acre mixed-use district in the heart of Manchester. They will develop buildings and land within NOMA to deliver new homes, offices, retail and leisure facilities in the centre of the city.
Co-Operative Estates managing director Martyn Hulme said: “Completion of the agreement shows our real intent to move NOMA forward in earnest thanks to the shared purpose of two like-minded businesses. Hermes has a proven track record of delivering large-scale schemes such as NOMA, and residents and businesses within Manchester can look forward to seeing the project enhance the city centre enormously.”
Hermes Real Estate chief executive Chris Taylor said: “The signing of this strategic land partnership is in line with our strategy of investing in dominant sites in major urban areas that will provide sustainable places to work and live. NOMA and the surrounding area also benefits from improved infrastructure, enhanced public realm, proximity to major retail and leisure facilities, which are all important factors in our investment process.
“We are delighted to be a part of such a pivotal project for Manchester and our experience with other city centre developments, including Paradise Circus, Birmingham and King’s Cross, London will be helpful in ensuring that we reach our goal of providing a sustainable environment for visitors, workers and residents alike.”
JLL acted for Hermes Real Estate, while Colliers represented the Co-operative Group.
chris.berkin@estatesgazette.com
