December 12 2013 Latest news:
Friday, September 27, 2013
A rapidly improving economy and a booming property market have led to a “remarkable” sales surge at The Mill and Regatta Quay on the Waterfront, it emerged today.
More than 250 of the completed marina apartments have now been snapped up, with only 57 still on the market.
Alex Leader, associate director at Savills, the estate agent for the sites, said the past two months had been the best since the recession began.
He predicted The Mill would sell out by the end of the year and anticipated Regatta Quay would follow suit within 18 months.
Mr Leader revealed buyers worldwide – including those from Hong Kong, Australia, Greece, Italy and France – have bought properties on the Waterfront, claiming the site is now the “fastest-selling development in the east of England”.
And Mr Leader hailed a recovering economy – figures showed yesterday the UK’s economy grew by 0.7% in the second quarter of the year – and an improving housing market which have prompted the upturn in sales.
“We have had the best two months since the economy collapsed in 2008,” he said.
“We were selling one or two month but lately it’s been four or five a month. It’s the fastest selling development in the East of England. It’s hugely encouraging. It’s been remarkable.
“You are a two-minute walk away from the town centre, it has parking and close links with the A12 into London.”
He said a single-bed apartment ranges from £90,000 to £130,000.
Despite the change in fortunes, the future is less clear in relation to the much-maligned ‘wine rack’ – the Regatta Quay’s second tower where work stopped in late 2009.
Spaces for 150 apartments are understood to be available at the project. The developer City Living went into administration in January 2010.
Its neighbouring development and the tallest building in Suffolk, The Mill, went into administration four months later. The two developments were brought together under a single administrator in November 2011.
Nigel Millar, a partner at Bury St Edmunds-based Baker Tilly, the administrators for Regatta Quay and The Mill, said 180 units have been sold at The Mill – with only 14 remaining. He revealed 75 units have been taken at Regatta Quay, out of a total of 118.
Mr Millar said: “We have made good progress with regards to the sale of completed apartments at The Mill and Regatta Quay developments.
“We are also undertaking a marketing exercise for the unfinished parts of the development.
“We have had an encouraging level of interest from prospective buyers and we hope to make significant progress in the next few months.”