Fri, 06 Jun 2014 | ADMINISTRATION
A half-completed building on the Ipswich quayside, which has been described as an “eyesore”, is to be fully developed after it was sold by administrators.
Baker Tilly made a deal with Marina Developments for Block A of the Regatta Quay, otherwise known as ‘the wine rack tower’. Marina Developments has said that it now plans to complete the building in accordance with the original plans.
Building work ground to a halt in 2009 when its developers at the time – City Living – ran into financial difficulties. Baker Tilly were subsequently appointed as administrators to sell the lot.
Marina Developments will now restart work at the site, with plans including commercial premises on the ground floor and the remaining levels to comprise of flats. It is hoped that the building work will be completed by 2015, at which point the respective properties will be placed on the market.
The news this week has been welcomed by the local community who have complained in recent years at the empty shell left behind, calling it an eyesore on the Ipswich Waterfront.
Nigel Millar, one of the Baker Tilly administrators for City Living, said: "We have been working hard, along with our agents, Savills, since our appointment to find a viable solution for this particular building and I'm delighted that we are today able to announce we have reached a sale agreement which should help transform the Ipswich Waterfront and benefit the community as a whole."
John Howard from Marina Developments added: "The completion of this project will breathe new life into the area and provide high quality residential and commercial accommodation at the heart of the Waterfront."
______________________________________________________________________
Related information:
Businesses for sale
Business acquisition funding
This 3 surgery, fully private dental practice in Carmarthenshire presents an excellent opportunity for an incoming buyer. Situated in a modern, recently upgraded premises with room for expansion, the practice benefits from a convenient town centre lo...
FREEHOLD
A reputable dental practice with two surgeries, catering to both NHS and private patients, is situated in a prime location in Greater London. The practice benefits from a high-footfall area and offers dedicated car parking for the convenience of pati...
LEASEHOLD
An attractive opportunity awaits an incoming dentist at this well-established, fully private practice in Bristol. Featuring three modernised surgeries, this practice is situated in a high street location with easy access to public transport and ample...
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.