Nabarro has advised longstanding client Hermes Real Estate on a joint venture with The Co-operative Group to deliver the UK’s biggest regional redevelopment project, the £800 million NOMA scheme in Manchester City Centre.
The Co-operative and Hermes Real Estate have exchanged contracts to become 50/50 partners on the development of the 20 acre mixed use scheme. Completion of the deal is expected in mid-May.
The Nabarro team was led by Real Estate partner Simon Staite and included fellow partners, Chris Luck (Funds and Indirect Real Estate), Chris Bowes (Planning) and Nick Burt (Tax) assisted by Sergio Vella, Paul O’Brien, John Crawley and Jessica Thomas (Real Estate), Neil MacLeod and Will Jones (FIRE), Stuart Tym (Planning) and Nikita Arora (Tax). Addleshaw Goddard advised The Co-op.
Simon Staite said:
“It’s taken a few months to pull the transaction together. It only takes a site visit to see the exciting potential of this project, right next to the Co-Ops’ new HQ, the refurbished Manchester Victoria Station and the Printworks. The range of what our clients intend to build will create a vibrant new neighbourhood in one of the UK’s most vibrant cities.”
