Soapworks comes to market for £55.5m

American private equity group Carlyle has instructed CBRE to sell the 400,000 sq ft Salford office development with offers invited in excess of £55.5m.

The first two phases, totalling 230,000 sq ft, are fully let and there is a further 160,000 sq ft ready for redevelopment or refurbishment.

Carlyle Group developed Soapworks with Nikal and Abstract Securities, to designs by architect Shedkm.

The largest occupiers are TalkTalk and the Home Office. Rents average £16.50/sq ft and there are weighted average unexpired leases in place of 10 years. The annual rental income is £4m.

The 8.4-acre site was formerly a Colgate-Palmolive factory before Carlyle acquired it in 2008. The redevelopment was partially funded by a £6m loan from the European Union-backed North West Evergreen Fund.

The 230,000 sq ft refurbishment and redevelopment completed in 2014.

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