Homes sold before they are built

HALF the homes in the new Cranfield's Mill development in Ipswich have been sold - even before construction of the building has started, The Evening Star can reveal today.

Developer Wharfside Regeneration has been flooded with inquiries about The Mill since marketing of the project started earlier this year.

Under the slogan “Live At the Mill,” the development has been attracting interest for several months.

Guy Jenkinson, from selling agents Bidwells, was delighted by the interest that had been generated.

He said: “About 150 of the 300 flats are now sold - purchasers have exchanged contracts on those properties and they will be ready for occupation between March 2008 and May 2009.

“When people buy in advance like this, they pay a deposit - say 10 per cent of the purchase price - and then pay the rest when the work is completed.

“Most of these will be bought as an investment - either as a buy-to-let property or to resell at a profit once the development is complete.”

Mr Jenkinson said the flats that had so far been sold were not the most desirable overlooking the Wet Dock, but were nevertheless proving very popular.

“The developer is holding back the prime flats until work has started and they really have something to show - they will be very desirable,” he said.

The Mill development would bring new homes with a total value of between £65 and £70 million to Ipswich Waterfront.

When added to the Albion Wharf development - valued at £40 million - it puts the total value of the new Waterfront developments at £110 million.

They have helped the area to attract significant national attention.

Mr Jenkinson said: “The news about Ipswich Waterfront is really starting to spread now. There has been national press coverage in specialist publications and recently in Sunday newspapers and people are really starting to look at the town - and especially the Waterfront area - in a totally new light.”