A sale of the part-complete building, commonly known as ‘the wine rack’, located on the Ipswich Quayside has been agreed, administrators have confirmed.
Block A of the Regatta Quay development will be sold to Marina Developments (Ipswich) Limited who plan to complete the building largely in accordance with the original planning consent comprising commercial units on the ground floor and residential accommodation on the remaining floors.
Upon completion of the sale, the new owners hope to commence cladding the building within nine months, with finished apartments and shop units expected to be marketed for sale by 2015.
Nigel Millar, one of the Baker Tilly administrators for City Living, the developer of the Regatta Quay scheme said: “Clearly this building has been a topic of much debate within the town over recent years.
“We have been working hard, along with our agents, Savills, since our appointment to find a viable solution for this particular building and I’m delighted that we are today able to announce we have reached a sale agreement which should help transform the Ipswich Waterfront and benefit the community as a whole.
“There are still a few loose ends to tie up before the sale is able to complete. A variation to the original planning consent was not formalised by City Living before the concrete frame was built so we are going through the process with the local Council to obtain the necessary consent but we hope that this will be resolved quickly.”