Negotiations are taking place over the sale of a prime town centre building which is set to provide new retail uses and 14 homes.
After standing empty for three-and-a-half years, the former Marks & Spencer store in Felixstowe is now sold subject to contract and details of the sale are being finalised.
Penn Commercial was appointed by London-based client, Occidental Limited, as sole agent for the sale of the property in Hamilton Road two years ago.
The development scheme, called The Link, a mixed residential and commercial development, will give a new lease of life to the premises, which were previously occupied by Marks & Spencer for 80 years until its closure in spring 2019.
The 5,826sq ft shopfloor area could be restored as one retail outlet or be subdivided into two stores, or even provide a home for a new restaurant, though that would require change of use permission.
London architects Haines Phillips has prepared the plans for The Link in the high-footfall, pedestrianised area of Felixstowe’s main shopping thoroughfare.
East Suffolk Council has granted planning permission for conversion of the upper floors to 14 apartments – eight two-bedroom, four one-bedroom and two studio apartments.
The sales brochure prepared by Penn Commercial, which describes the development as having "exciting commercial and residential potential", says the homes would be suitable for first-time buyers and second-home owners.
The new owners will not have to provide any affordable housing in the conversion of the upper floors.
Landscaping and cycle storage are also included in plans.”
Planning officers refused the previously proposed £6.3m transformation of the property in Hamilton Road because they said moves to halve the size of the shopfloor were premature and could harm the viability and vitality of the town centre.
However, after Occidental Ltd revised their plans to address the council’s concerns – reducing the number of flats from 16 to 14 and and keeping the rear loading bay – the new proposals were approved.
Occidental said the go-ahead for its plans would generate “much-needed new investment and regeneration in Felixstowe central’s prime business district”.
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