New office space could create 2000 jobs in Salford

Joint venture partners the Carlyle Group and Abstract Nikal Ltd have submitted a planning application this week which, if successful, would see the £25 million regeneration of Soapworks, the former Colegate factory in Ivy Wharf.

The scheme would see the former factory turned into 38,000 square feet of office space with retail and consumer space on the ground floor. There are also proposals for an extension to the factory which would include more retail space, residential and office space and a 200-bed hotel. If plans are given permission, more than 2000 new jobs could be created on the 8.4 acre site.

Private equity firm the Carlyle Group, based in America, have teamed up with Abstract Nikal to develop the site, which the Carlyle Group acquired in October 2008. Abstract Nikal is a joint venture by Nick Payne’s Manchester-based Nikal and Leeds-based Abstract Securities. The partners have undertaken extensive public consultation about the plans and the site is one the biggest development sites in Salford Quays.

Marketing has already begun for the pre-lets and the project will be developed in three stages. This is the Carlyle Group’s second project in the area and they say the main aim of the development is to offer “high quality space at an affordable price”. Director of the Carlyle Group, Mark Harris, said,“Our plans for the Ivy Wharf development are a further reflection of our commitment to investing in the Manchester region, which we believe will continue to benefit from inward investment, as a significant regional business centre in the UK.“

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