Land fails to sell

A PLOT of barren land earmarked for luxury flats in the centre of Ipswich has failed to sell at auction.The site, in Franciscan Way, went under the hammer at Barnard Marcus Auctions in London but no suitable bids were received.

A PLOT of barren land earmarked for luxury flats in the centre of Ipswich has failed to sell at auction.

The site, in Franciscan Way, went under the hammer at Barnard Marcus Auctions in London but no suitable bids were received.

Jedcon Estates put the property on the market after securing planning permission for 45 flats, expected to cost £200,000 each, at the site.

Jimmy Digges, company director, said the highest bid had been £1.65 million, but that failed to reach the reserve price, which he declined to reveal.

"Now we are looking at other options, including developing the site ourselves or working with other investors. But I don't see anything happening now until the New Year," he said.

The site is a former Anglo-Saxon burial ground and was formerly owned by horticulture firm Fisons.

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The proposed development, called Franciscan Court, was designed by Beanland Associates of Ipswich and is expected to be worth £9.5 million when completed.