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Case Study

Double success at Soapworks

TalkTalk and the Home Office have pre-let a total of 160,000 sq ft of office space at The Carlyle Group’s £70m Soapworks development in Salford Quays.

The Soapworks was the largest fully speculative office scheme outside London, with JLL providing development and letting services from project conception through all stages to completion.

 

JLL secured telecoms group and broadband provider Talk Talk as new occupier, signing-up for 106,000 sq ft of space on a 15-year lease, alongside a 54,000 sq ft transaction to the Home Office and 25,000 sq ft to MWH, all within 2015.

The TalkTalk letting was the largest letting concluded during 2015 and the largest in Salford Quays since 2010.

Securing Talk Talk was a key milestone letting in Salford Quays, which reinforced Soapworks’ position as a vibrant and sustainable, yet ‘different’ commercial office destination within the North West. This deal has been the catalyst for further success including the subsequent letting to MWH.

The Talk Talk transaction was a rare example of an off-market deal, known only to the few parties involved up until a few weeks before completion. Confidentiality was crucial to all parties and the deal clearly demonstrates our business integrity.

The Home Office

JLL advised on the pre-let acquisition of 54,000 sq ft on behalf of The Home Office on a ten-year lease with options to break earlier on a percentage of the space.

Complexities of the deal involved the negotiation of the fit-out, as the building was completed to a shell finish. In addition, JLL managed the agreement of numerous addition security measures, satisfying four separate client offices on the location and agreeing the acquisition internally with the Government Property Unit. Being the first agreed deal in the scheme, it provided the legal blueprint for subsequent occupiers and transactions.

The government department will relocate its operations from premises across Greater Manchester including Manchester Airport to sit under one roof, with the move due to take place in June 2016.​​

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