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."
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