NOMA – the joint venture between Hermes Investment Management and the Co-op – has exchanged contracts with Castlebrooke Investments for the sale of The CIS Tower in Manchester, for a purchase price in excess of the £65 million guide price.
The CIS Tower comprises 388,000 sq ft of office space over 28 floors and sits on a 1.5-acre site in the heart of NOMA – Manchester’s most significant urban regeneration scheme. On completion, the 20 acre neighbourhood will include new homes, offices, hotels, and retail and leisure space, as well as vibrant urban spaces and public realm.
A spokesperson from NOMA, said: “The sale of The CIS Tower is part of our ongoing strategy to regenerate this important community in Manchester city centre. The Tower will remain a crucial part of the wider NOMA estate while the JV team focuses on developing key sites, including Dantzic, Hanover, and Redfern.
“The sale allows us to reinvest capital into NOMA while also maintaining momentum by bringing in other investment.”
Other investment has recently come into the area for Angel Meadows, Angel Gardens and City Buildings, which have all been independently progressed in other joint ventures by the Co-op, and are in the process of being delivered.
A spokesperson at Castlebrooke added: “The CIS Tower is the most significant asset management opportunity remaining in Manchester. We are fully committed to working with NOMA as our neighbours, and occupiers the Co-op, to ensure The CIS Tower fulfils its potential, as well as building Manchester’s presence on the world property stage.”
The iconic building is home to Co-op Insurance and The Co-operative Bank which remain tenants of the building.
Colliers and JLL advised the NOMA JV, while Castlebrooke was represented by CBRE.