Boost for UK's biggest regional redevelopment project
The UK's biggest regional redevelopment project, the £800 million NOMA scheme in Manchester city centre, received a major boost today (28 May 2012) when The Co-operative Group named preferred joint venture partners for the scheme.
Specialist real estate investment and advisory company Delancey, working in partnership with asset management, development and refurbishment specialist Landid, are now in an exclusive lockout period, whilst detailed talks with the Group continue.
Coming during tough times for the UK economy, which have hit the construction industry hard, the announcement represents a milestone for the ambitious project which will transform 20 acres of the city's "Northern Gateway" into a high quality development, providing 4m square feet of office, residential, retail and leisure space.
Phase One of the development– The Co-operative Group's £100 million new head office, 1 Angel Square – is due for completion in September, with additional phases coming online throughout the course of the year.
David Pringle, Director of NOMA, said: "This represents a great opportunity to bring together businesses of equal pedigree and financial standing. Delancey and Landid have the track record, undoubted talent and complementary expertise that will enable us to drive the NOMA project forward in the way we have always intended.
"Delancey have already demonstrated a commitment to Manchester through previous developments, and have an excellent understanding of the national and North West property markets. This, coupled with our shared experience and brand reach, will ensure that investors and occupiers will be comfortable and confident working with both parties.
"We have a shared belief in what NOMA can deliver to partners and the city, and we are looking forward to delivering this vision together."
Paul Goswell, Managing Director at Delancey, added: "NOMA is one of the most exciting redevelopment opportunities in the UK today. It is part of an incredibly vibrant city centre and has the critical mass needed to create a new integrated residential and commercial district, in keeping with today's urban lifestyles. We are delighted to be in exclusive talks with The Co-operative and, with our partner Landid, are relishing the challenge of creating something truly special for Manchester."