Global alternative asset manager The Carlyle Group announces that it has secured two milestone lettings at its Soapworks scheme in Salford Quays for a total of 160,000 sq ft. to both The Home Office and TalkTalk which it is developing in a joint venture with Nikal and Abstract Securities.
TalkTalk has agreed to take 106,000 sq ft on a 15 year lease which is the largest office deal this year in Greater Manchester of speculative office space and the 2nd largest deal in Salford Quays since the BBC announced its relocation to Media City UK in 2007. The deal is a major coup not only Soapworks but for the Greater Manchester area as it represents a structural shift for TalkTalk, as it relocates its entire North Western presence to Salford Quays and the wider Media City area.
This is the second letting for TalkTalk at the Soapworks development, having taken 20,000 sq ft on a 10 year lease in October 2014 for its meeting and training facility.
The letting follows hot on the heels of a separate deal to the The Home Office who has agreed to take 54,000 sq ft. on a 10 year lease. The Home Office will relocate its current services from a number of separate premises around the Greater Manchester area including the Airport under one roof. The move is due to take place in June 2016.
The Carlyle Group and its joint venture partners were advised by Chris Mulcahy Director at letting agents JLL whose joint agents are Canning O’Neill. TalkTalk represented themselves.
Ben Du Boulay, director of The Carlyle Group, commented: “When we commenced the redevelopment of the former Colgate factory in Salford, we were confident that there was a strong latent demand from regional occupiers across both the public and private sectors for high quality office space, particularly if it was located in such an iconic an historical building as Soapworks. Both lettings are a significant endorsement of that belief.
“Our offering of flexible, convenient and uniquely located office space is attracting interest from the highest calibre of businesses and we are looking forward to a long and successful relationship with the newest addition to our community.”
Soapworks is the largest wholly speculative office development outside London, presenting a viable alternative to city centre office space that addresses the ongoing shortage of commercial options in the region.”
Phase 1 & 2 at Soapworks totals around 230,000sqft. Only around 50,000sqft now remains available in this Phase and there is strong interest in this space. Phase 3 can bring forward up to 160,000sqft.