Four make NOMA shortlist

MANCHESTER-based property giant Bruntwood is one of four companies bidding to develop up to half of the Co-operative Group’s £1bn NOMA project, according to PropertyWeek.com.

Bruntwood is undersood to have made a shortlist to partner the Co-operative Group on the development of the £1bn, 20 acre scheme. Other shortlisted developers include BAM Properties, Stanhope and Jamie Ritblat’s property company Delancey, which is developing east London’s Olympic Village.

The Co-op has committed £355m to the 4m sq ft plans, which centre on a new 328,000 sq ft headquarters that is due to be completed by the end of next year. They include a huge revamp of around 1.1m sq ft of listed office buildings, 1.1m sq ft of further offices, and 1m sq ft of residential property.

A long list of national and local developers are believed to have bid, among them Hines, Argent, the Greater Manchester Property Venture Fund and Development Securities. The joint venture is likely to be half-shared between the successful bidder, or bidders, and the Co-op.

However, developers’ proposals are understood to have included the option of greater flexibility than a straight 50:50 split on the whole scheme, which will cost up to £800m to develop.

The Co-op and its advisers refused to comment on the number of bidders or their identity. However, the list is likely to be whittled down to a shortlist of two, and a preferred party selected by Christmas. The Co-op has said in the past that more than one bidder could be chosen, if appropriate.

A NOMA spokesman said: “The call for expressions of interest triggered a high level of interest. Shared values, track record and ability to deliver are what we have been looking for.”

The search for a development partner was launched at the MIPIM property expo in Cannes in March.

WHR and Jones Lang LaSalle advise the Co-op.