The Carlyle Group and joint venture partner Abstract Nikal have started work on their mixed-use Soapworks scheme at the former Colgate Palmolive factory in Salford Quays, Greater Manchester.
Contractor Bowmer & Kirkland has begun work on the first phase of the project, the Shed KM-designed speculative redevelopment of the former Boiler House at the site. The scheme will provide four floors of office space totalling 25,000 sq ft.
The scheme is expected to be available for occupation from June 2011.
The wider Soapworks scheme will eventually provide 380,000 sq ft of office space, alongside a hotel, retail, restaurants and a gym.
Carlyle and Abstract Nikal, a joint venture between Mark Glatman’s Abstract Securities and Nick Payne’s Nikal, acquired the site in October 2008. The partners achieved planning consent in earlier this year.
Mark Harris, director of the Carlyle Group, said: “There has been strong interest in the scheme, and we are in the process of talking to a number of prospective tenants across a number of sectors, who are attracted to the architectural qualities of the building, its location and by the fact that we are able to offer rents of around half those of Central Manchester.”
daniel.cunningham@estatesgazette.com
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