THE CO-OPERATIVE Group has named Hermes Real Estate as its joint venture partner for NOMA, the £800million city centre scheme and the UK's biggest regional development project.
“NOMA is an exciting growth opportunity within a dynamic city and has similar sustainable development attributes to our recent investments in Paradise Circus, Birmingham and King’s Cross, London.”
The ten year project will 'create a truly mixed use urban neighbourhood, incorporating office space, residential and leisure facilities' at a twenty acre site by Victoria Station, between Angel Street and the Printworks.
The development will include Co-op's new £150m fourteen-storey high HQ, One Angel Square, opened by the Queen in November 2013, the building is the city's most environmentally-friendly building in the world.
The Co-op Group and Hermes Real Estate are expected to complete the 50/50 partnership deal in mid-May.
One Angel Square
David Pringle, Director of NOMA, said: “This represents a great opportunity to bring together two like-minded businesses that have a commitment to responsible, sustainable property development – an approach which sits at the heart of the NOMA scheme.
“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.
“It is our intention to build new offices, homes, shops, hotels, restaurants and cafés, and to refurbish several iconic listed buildings as well as creating contemporary outdoor squares and spaces.”
Chris Taylor, CEO of Hermes Real Estate, added: “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.
“NOMA is an exciting growth opportunity within a dynamic city and has similar sustainable development attributes to our recent investments in Paradise Circus, Birmingham and King’s Cross, London.”
NOMA
