Yorkshire developer in Salford regeneration plans
YORKSHIRE-based developer Abstract Securities has submitted an outline planning application for a regeneration scheme in the North West.
Private equity firm Carlyle, along with the joint venture company set up between Mark Glatman’s Leeds-based Abstract Securities and Nick Payne’s Manchester-based Nikal, has developed the plans for Ivy Wharf, an 8.5 acre site in Salford Quays.
The plans include the development of the former Colgate Palmolive factory located in the heart of Ivy Wharf.
The £25m plan is to redevelop the existing factory, now named Soapworks, into a 380,000 sq ft office, with ancillary consumer focused space on the ground floor, which could include retail, gym and restaurants.
Mr Glatman, chief executive of Abstract, said: “We have been hugely encouraged by the level of local support we have received for the project, as we look to create a scheme that takes into account the historical relevance of the site to the local community, together with our aim of fulfilling demand in the region for good quality, well-located space at competitive rates.”
Subject to planning approval, the project will be developed in stages, with the first phase totalling 100,000 sq ft.
Outline planning is for the development of the wider Ivy Wharf site and an extension to the Soapworks building, to include a 200-bed hotel, a retail element, residential as well as further office space.
Mr Payne, managing director of Nikal, said: “We have designed a scheme that will cater for a broad range of tenant requirements, but will specifically target those occupiers who want to occupy an iconic building that offers high quality space at an affordable price.”
Private equity firm Carlyle acquired the site in October 2008 through its third European Real Estate Fund for, Carlyle Europe Real Estate Partners III.
