Town centre sites in Ipswich fail to reach reserve price at auction
PUBLISHED: 08:11 26 February 2016 | UPDATED: 15:36 26 February 2016
Most of a portfolio of shops around the Tacket Street and Cox Lane car parks in Ipswich failed to sell at auction in Leeds.
The properties were put up for sale by owner NCP when the car park company decided to abandon any idea of developing the area as the Mint Quarter or Cloisters development.
They went under the hammer at Eddison’s auctioneers in Leeds on Thursday, but most failed to meet their guide price.
The largest single lot was the former Woolworths’ store in Carr Street, currently occupied by Poundland, which had a valuation of £3.75m. That failed to sell
Other buildings sold were those occupied by Millets in Carr Street, the row of shops including Greggs and Palace Amusements in Upper Brook Street.
A group of shops and a fitness studio in Upper Orwell Street did sell for £300,000 and the Sense shop in Upper Brook Street sold for £286,000.
An empty former shop unit in Upper Brook Street was withdrawn from the auction after it was sold in advance.
Most of the properties sold have existing tenants on leases with some time to run. This sale should not affect them – it should simply mean they pay rent to a different landlord.
The rest of the sites remain in the ownership of NCP.