Developer abandons project

A DEVELOPER has pulled out of a £450,000 deal to convert Stowmarket's historic Corn Exchange into a bar and restaurant.Rob Cook was planning to buy the building in Stowmarket from the town council and Mid Suffolk District Council was considering an application to change the way the property is used.

A DEVELOPER has pulled out of a £450,000 deal to convert Stowmarket's historic Corn Exchange into a bar and restaurant.

Rob Cook was planning to buy the building in Stowmarket from the town council and Mid Suffolk District Council was considering an application to change the way the property is used.

Mr Cook, who ran the nearby Queen's Head pub for 10 years, committed £250,000 to purchase the site and £200,000 for refurbishment.

He was sensitive to the historic nature of the building in Church Walk, which he hoped to rename The Old Exchange, and hoped to create a traditional venue to help regenerate the town.

But he said: “I have decided, with regret, not to proceed with my purchase of the Stowmarket Corn Exchange from the town council.

“It is a shame as I feel my project would have been something of an asset to the town. I have expended enough resources to this over the last nine nine or so months and have made some progress.

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“But I cannot keep moving my deadlines indefinitely while people keep arguing about what the best course of action is, when I assumed that was already agreed several months previously. I do hope a good use is found for the building in the future.”

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