A nice riverside earner

A LUXURY apartment is on the market for £480,000 - and has made the owner more than £100 a day since it was built more than three years ago.As property prices continue to spiral and the housing market show no signs of overheating four-bedroom penthouse, 36 Neptune Square at Ipswich waterfront is on offer to well-heeled boatowners and City slickers.

A LUXURY apartment is on the market for £480,000 - and has made the owner more than £100 a day since it was built more than three years ago.

As property prices continue to spiral and the housing market show no signs of overheating four-bedroom penthouse, 36 Neptune Square at Ipswich waterfront is on offer to well-heeled boatowners and City slickers.

A spokesman for estate agents Fenn Wright, in the Buttermarket, Ipswich, said: "It's a stunning, luxury apartment. At about £480,000 it will not be everyone's cup of tea, but will appeal to the boat fraternity who can look down on their yacht, or it might be a weekend retreat for Londoners.

He added that when the apartments were built he estimates it would have gone for about £270,000 to £295,000 then.


You may also want to watch:


"Prices are still going up, although not in the leaps and bounds they did. The waterfront gives a premium, and the ones at the front carry a premium, especially if you can see the water.

"I did not understand what all the fuss was about myself until a client drew the curtains back and you saw all the masts lit up on a dull night. It's beautiful down there."

Most Read

The apartment is ten minutes walk from the town centre, has a communal hall, entrance hall, sitting room with balcony, kitchen, master bedroom with balcony, dressing room with en-suite bathroom and a second bedroom with en-suite shower room.

There are a further two bedrooms, a family bathroom, third floor study/bel'vedere with further balcony, electric heating, double-glazing, garage and storage room. To the rear of the property a parking area is accessed via electrically operated gates, with each owner having a remote control. This penthouse apartment also has a garage.

Colin Girling, secretary for the Suffolk branch of the National Association of Estate Agents, said: "Nothing surprises me about these waterfront apartments, although this sounds a lot of money, 80% of properties down there are sold to investors who hope to buy and rent out. But in my experience, I would find it hard to think this will be sustained.

"But we are suffering from an influx of people from expensive parts of the country, Essex people who can't afford to buy in their areas. That helps to maintain and push prices up.

"This year there has been a three to four per cent rise in Ipswich, the town is still very busy, a lot of people are looking, there is an acute shortage of properties in all price ranges.''

The apartment, which has been on the market for six weeks has attracted a reasonable amount of interest so far say agents.

nHouse prices in the East of England saw some of the smallest rises during the past year, according to the Halifax. While property in Wales soared by up to 57%, houses in Suffolk rose by 7% and 3% in Essex and 5% in Norfolk.

Become a Supporter

This newspaper has been a central part of community life for many years. Our industry faces testing times, which is why we're asking for your support. Every contribution will help us continue to produce local journalism that makes a measurable difference to our community.

Become a Supporter