New dawn for Martin & Newby site
BUILDINGS which once formed the well-known Ipswich hardware store Martin & Newby have been sold to a London property development company.And building work could start in just a couple of months say the buyers.
BUILDINGS which once formed the well-known Ipswich hardware store Martin & Newby have been sold to a London property development company.
And building work could start in just a couple of months say the buyers.
The buildings will be developed in-keeping with their historic character to provide shops on the ground floor with high quality apartments above.
The sale, which was revealed yesterday on The Evening Star website, was in excess of the guide price of £650,000 for the seven shops, two warehouses and car park.
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Greg Barnes of selling agents, EWS Chartered Surveyors, said: "Interest was such that the sale went to best and final offers with five bidders vying for the property.
"Only a small margin separated the winning bid from the second highest and we are delighted to have achieved such a good price for a key site."
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The purchasers will now be seeking planning permission to convert the floors above the shops to high quality residential apartments. The two warehouses at the back will also be replaced by housing.
The ground floor shops will be retained and refurbished. Detailed surveys of the premises are already under way and plans will shortly be submitted to the council.
The buyers are London-based company, Winstone Estates.
Company director Mr Ariel Miller said: "We are very pleased and proud to have been able to buy such an important part of Ipswich. It reflects our confidence in our belief that there is only one way for the town to go and that is up.
"We have a lot of experience in improving and converting old and listed buildings and we take great satisfaction in ensuring their future. I am convinced that our scheme will enhance an area whose importance and desirability is already increasing because it's close to the proposed new university campus and the developing waterfront. We were also attracted by Ipswich's proximity to London as a commuter town."
Building works are expected to get underway within a couple of months.
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