Co-op Group sells stake in NOMA development

Co-op Group and the now independent Co-operative Bank will remain anchor tenants within the development.

The 20-acre mixed-use NOMA scheme in Manchester is the largest development project in North West England and has been a 50-50 joint venture between the Hermes and Co-op since 2014.

It includes new offices, homes, hotels, retail and leisure and urban spaces and already has 6,500 people working within its neighbourhood.

Stuart Hookins, property strategy and development director of Co-op Group Property, said: “The Co-op has played a major part in the regeneration of Manchester over many decades and through the NOMA joint venture we have facilitated the transformation of the area near to Victoria Station.

“We remain the major occupier in the NOMA neighbourhood and are fully committed to its on-going development as we reinforced last month with the launch of The Federation, a new co-working community, designed to attract the North’s digital businesses and innovators.

“Having ensured the vision for NOMA will be achieved through the implementation of the approved Masterplan it is now appropriate for the project to be progressed by a specialist organisation, and allow us to focus on developing our core businesses.”

Hermes Investment Management head of private markets Chris Taylor added: “As part of our partnership with The Co-op Group, we have made strong progress at the scheme, including the delivery of improved infrastructure and enhanced public realm.

“We now aim to continue this, in line with our ongoing commitment to placemaking and regeneration on a regional scale, ensuring that the development benefits the local community and economy in the long-term.”