Ipswich: Growing interest in �40m redevelopment scheme The Link
THE property company behind a major �40million redevelopment scheme in the centre of Ipswich says it has been encouraged by the level of interest in the first phase.
Despite challenging market conditions, property company Wrenbridge has reached second and third round talks with prospective tenants for the 1.7 acre site in Lower Brook Street, Ipswich, which is home to the East Anglian Daily Times and sister titles including the Evening Star, owned by media group Archant.
The proposed scheme involves a 160,000sq ft mixed-use development fronting Star Lane, including grade A offices, ground floor retail and restaurant space, plus a hotel and a 500-space multi-storey car park.
It will include a new office building for the Archant publishing operation.
The phased scheme, which has been named The Link, is seen as important to Business Improvement District (BID) delivery company Ipswich Central’s ambitions for the town, which involve creating a “Waterfront town centre” by improving links between the two areas of the town.
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Ewen McLeod associate director at Cambridge-based Wrenbridge, said they had been encouraged by the level of enquiries since the project launch at the end of September, and talks were ongoing with a car park operator and a hotel group as well as with potential office tenants.
“The scheme has been well received and there’s certainly interest in it,” he said.
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“In the current market, to do a deal takes a long time, but they are second, third round discussions or negotiations. We are not in a position to instruct solicitors, but there is a willingness on both the parties to do a deal and that’s what we are looking to progress,” he added.
For more information on plans for The Link, contact Paul Collins of Collins Commercial on 020 7935 3553, Vanessa Penn of Penn Commercial on 01473 211 933 or Wrenbridge directly on 01223 845845.