Barings cleans up with Soapworks deal

Barings has bought the £215m Soapworks development in Bristol from First Base spin-out Socius. The investment manager, which completed the investment on behalf of a retained client, will work the mixed-use developer to deliver the scheme. Socius was spun out of First Base in December, after securing planning permission on the Bristol scheme, as well as a £1bn pipeline in Milton Keynes, Brighton and Cambridge. The Bristol plans will transform the former Gardiner Haskins soap factory in the Old Market area of Bristol into a new district five minutes’ walk from both Temple Meads Station, Bristol’s main train station, and the new £500m University of Bristol campus. It will comprise two new buildings alongside the restoration of the Grade II-listed former soap factory that dates back to the 1860s, set within a new public square. The scheme has planning consent for 154,000 sq ft of flexible office accommodation which will target a BREEAM Outstanding rating, as well as 243 build-to-rent apartments, 20% of which will be for affordable tenures. It will also include 18,800 sq ft of retail, hospitality and leisure space. Some 18,000 sq ft of the workspace will be in the 1860s building and 136,000 sq ft in the new building. Darren Hutchinson, managing director and head of UK real estate transactions at Barings, said: “Already a landmark in Bristol, Soapworks will be an iconic place to live and work in the city, with new and much-needed homes, grade-A office space, and a revamped public realm and vibrant ground-floor retail and hospitality. “Working alongside Socius, we’re aiming to retain as much of the original building as possible, and thus the embodied carbon, so that we can create a first-class destination with as little environmental impact as possible. Due to the quality of this space, it will not only be a landmark within Bristol but an example of excellent placemaking across the UK.” Socius managing director Barry Jessup said: “Barings shares our long-term vision for a new vibrant district in the heart of Bristol which blends much-needed flexible and sustainable workspace with new homes and an eclectic retail and dining mix. We look forward to working together with the council and local community to delivering this exciting project in what is one of the UK’s most dynamic and fast-growing cities.” Colliers and Ashurst acted for Barings. Savills and DWF acted for the vendor. To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews