THE rights to some of the best-known records by Kylie Minogue could soon change hands for up to £8m.

Top music producer Pete Waterman is looking to sell a catalogue of tracks produced by his company PWL, including many early hits by the Australian pop star, such as I Should Be So Lucky and Locomotion.

The producer has hired Edge Group, the advisory and investment firm founded by music lawyer David Glick, to find a buyer for the catalogue.

Any purchaser would acquire the recording rights to the tracks, which also include Especially for You, the No 1 hit Kylie sang with Jason Dono-van, her former co-star in the soap opera Neighbours. The catalogue features 45 top 20 singles.

The sale process is at an early stage, but music industry experts said that potential buyers might include EMI, which owns Kylie’s more recent recordings, and Sony BMG, which has the rights to many other Waterman hits.

Financial investors could also be interested in a deal. For example, Babcock & Brown, the Australian investment fund, has been buying up music catalogues.

In the 1980s, Waterman and his partners Mike Stock and Matt Aitken were behind a string of hits by artists including Rick Astley, Sinitta and Dead or Alive. But they are best remembered for launching Kylie’s pop career.

Waterman is still involved in the pop business. He recently signed the stars of the advert for Sheilas’ Wheels insurance to record their first single, which is due to be released next month.

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