WORK BEGINS AT IPSWICH REGENERATION SCHEME
Wednesday, April 4, 2012
Work has begun on Futura Park, one of the most comprehensive regeneration schemes in East Anglia, which will see, a new purpose built 44 acre business and retail park in Ipswich.
Anticipated to be one of the most sought after business spaces in the region, Futura Park is located adjacent to the A14 ensuring easily accessible transport links for businesses and consumers.
The scheme’s owner, AquiGen Real Estate Solutions, has already attracted Waitrose and John Lewis at home as the headline tenants and is now actively talking to further businesses.
Demolition and remediation of the 44 acre redundant industrial site has been started by John F Hunt, on behalf of AquiGen, who will also be constructing new roads, infrastructure and landscaping. The layout of the estate and siting of buildings will help to create an attractive parkland style setting unlike previous development in the area.
Construction will then be undertaken by Bowmer & Kirkland to create the 100,000 square foot John Lewis at home and Waitrose store which is now scheduled to open this year.
In addition outline planning permission has been granted for a further 60,000 square feet of non-food retail space to be developed opposite John Lewis at home and Waitrose. Detailed designs are now being worked up in parallel with discussions with retailers attracted by the proximity to John Lewis at home and Waitrose.
Outline planning permission has also been granted for 25 acres of employment (office, industrial and warehousing) land capable of accommodating up to 600,000 square feet of new buildings. Plots ranging from 1 ¼ to 16 acres will be serviced and ready for development before the end of 2012. Plots will be offered for sale or constructed to specific occupier requirements on either freehold or lease agreements.
The John Lewis at home and Waitrose store will be the first of the retailer’s shops to sit side by side and the investment has been forward sold by AquiGen to British Steel Pension Fund. Construction Finance for the overall project has been provided by Lloyds Banking Group.
AquiGen Managing Director, Paul Isaacs, says: “We are extremely excited to have started the process of bringing this scheme to life. Once completed it is going to add a new vibrancy to the region, attracting major retailers, businesses and bringing in considerable corporate investment through the creation of around 1,500 jobs.”
Nigel Keen, Director of Development at the John Lewis Partnership, said:
“It is great to see work underway in a scheme that brings John Lewis and Waitrose shops side-by-side for the first time and, with its significant investment and job creation, represents a real vote of confidence for Ipswich.
“We have been overwhelmed by the warm reception we received at our little Waitrose shop in the town centre and we’re looking forward to building on this and serving the people of Ipswich when we open in Futura Park.”
AquiGen Real Estate Solutions is a joint venture partnership between developers and investors Generator Group and Aquila House Holdings. It focuses on purchasing and regenerating sites with the potential for mixed-use redevelopment schemes.
Agents acting for AquiGen in respect of lettings and land sales are Coke Gearing (Richard Coke 01279 758758) and CBRE (Richard Lord/Lawrence Earnshaw 020 7182 2000).