PHMG takes 67,000 sq ft at Soapworks
In the largest office deal in Salford since the pandemic, Bankfoot APAM has signed the global audio branding agency to a 15-year lease at the former Colgate Palmolive factory.
PHMG will take on space formally occupied by TalkTalk, which is lowering its footprint at Soapworks from the 110,000 it took on in 2019 to 36,000 sq ft.
While its space may be smaller, the telecommunications company has shown its commitment to the property, signing an eight-year lease.
The PHMG deal is a considerable boost for the Salford office market and is the largest in the city since BT took 175,000 sq ft at ECF’s Four New Bailey in 2020, according to past Manchester Office Agents Forum reports. JLL acted for Bankfoot APAM on the deal, while Savills represented PHMG.
“I’d like to welcome PHMG to Soapworks, and we are delighted to have secured their long-term commitment to the estate alongside TalkTalk’s continued presence,” said Andrew Day, senior director at Bankfoot APAM.
“This is a powerful signal of confidence in both Soapworks and the wider Salford market,” he continued. “We are seeing a clear flight to quality, with occupiers prioritising well-managed, amenity-rich environments that support long-term growth.”
Bankfoot APAM is the development manager for Soapworks, working on behalf of the Greater Manchester Pension Fund, which acquired the site in 2017 for £60m.
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Situated in Salford Quays and along the Manchester Ship Canal, Soapworks is also the subject of a £200m regeneration effort from GMPF. This will see the addition of 578 homes to the estate, alongside a 900-space car park and 60,000 sq ft of Grade A office space.
Day said: “Backed by GMPF’s continued investment, we are actively repositioning Soapworks to meet that demand, combining refurbishment of existing space with the delivery of new, future-ready workspace.”
With the signing of the TalkTalk and PHMG leases, Soapworks is more than 95% let. Just 15,000 sq ft remains, with Day noting that it is Category B space and ready for occupation.
Dan Whelan contributed to this report.
