Development near Manchester, northwest England

Architect : shedkm 27 Oct 2009 CARLYLE AND ABSTRACT NIKAL SUBMIT PLANS FOR IVY WHARF SCHEME IN SALFORD Outline plans submitted for Ivy Wharf mixed use scheme together with detailed plans for the £25 million regeneration of former Colgate factory London, UK - Global private equity firm, The Carlyle Group ("Carlyle"), announces that, in conjunction with its joint venture partner Abstract Nikal Ltd, it has submitted an outline planning application for Ivy Wharf, its 8.42 acre site in Salford Quays, near Manchester, together with a detailed application for the regeneration of Soapworks, the former Colgate Palmolive factory located in the heart of Ivy Wharf. Following extensive public consultation with the local community, during which the plans received strong local support, a detailed application has been submitted to redevelop the existing factory, now named Soapworks, into a 380,000 sq ft office, supported by ancillary consumer focused space on the ground floor, which might include retail, gym and restaurants. With floor plates of up to 85,000 sq ft, the space will accommodate a broad range of office requirements, with units starting at 2,000 sq ft. Marketing for pre-lets is already underway, targeting those tenants looking for affordable but high quality space. Subject to the receipt of planning approval, the project will be developed in stages, with the first phase totalling 100,000 sq ft. In addition, outline planning has been submitted 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. The site enjoys excellent communications links and is both next to a metro station and two miles from Manchester city centre. It is also easily accessible from the M62 motorway and a short drive to Manchester International Airport. It is one of the largest sites available in the key regeneration area of Salford Quays and lies in close proximity to "Media City", which is set to benefit from the relocation of the five BBC departments, between now and 2011. The site is also next to the Exchange Quay office led development. Carlyle acquired the site in October 2008 through its third European Real Estate Fund, Carlyle Europe Real Estate Partners III, which closed in June 2008 having raised €2.2 billion of equity. Mark Harris, Director of The Carlyle Group, 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. This is our second project in the area having recently completed our development at Piccadilly Place, which comprises Three and Four Piccadilly Place, both grade A city centre office schemes which continue to attract major occupiers to the area. " Mark Glatman, Chief Executive of Abstract, added: "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." Nick Payne, Managing Director of Nikal, commented: "This project provides us with the opportunity to regenerate a waterfront site along Ordsall Lane, making it a strategically important site for the wider area. 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." Canning O'Neill is retained as agents for the scheme. Soapworks Salford image / information received 271009