Abstract joined forces with Nikal Ltd for a project in Salford, Greater Manchester and, as Abstract Nikal Ltd, in a joint venture with The Carlyle Group, purchased the former Colgate-Palmolive site for a multi-million pound office-led regeneration project. The 8.4 acre site, renamed Ivy Wharf, is well located within the Media City boundary providing space that appeals to both the creative industry and corporate occupiers alike.
The existing factory building within Ivy Wharf was renamed Soapworks and was designed and consented to deliver over 400,000 sq. ft. of new commercial space, in three phases, to include contemporary office, media, hotel and complementary retail and leisure uses.
The first two phases, comprising 230,000 sq.ft, are fully let to tenants including TalkTalk and the Home Office and the development was sold in Sept 2017 for £60m, some £5m in excess of the asking price, to the Greater Manchester Property Venture Fund, who plan to build out the final phase of the scheme.