Partners gathered at Ipswich Waterfront on Friday 11 May 2018 to celebrate progress to transform the empty Winerack building at the town’s Regatta Quay.
The Homes England deal to bring forward development of the previously stalled development has been shortlisted in this year’s prestigious RESI Awards.
Partners from Homes England, New Anglia Local Enterprise Partnership, Ipswich Vision, R G Carter of Ipswich, Ipswich Wharf Developments and Zenzic Partners, who have advised the developers on financing for the scheme, along with Sandy Martin MP and local authority representatives toured the site to see progress being made to create 150 flats and more than 5,000 square feet of commercial space.
Scaffolding is now in place on the front section of the building and a tower crane has arrived on site this week. The work is due to be completed by the end of 2020.
The building has been in a semi-constructed condition since the financial crash of 2008. Ipswich Wharf Developments Ltd is now taking on development of the building following £15 million investment through Homes England’s Home Building Fund and £5 million from New Anglia Local Enterprise Partnership (LEP) through its Growing Places Fund.
The Homes England’s Home Building Fund deal has been shortlisted in the Deal of the Year category of this year’s RESI Awards, one of seven projects hoping to be recognised as the best residential property deal of 2017. Homes England’s Investments team has also been shortlisted as Residential Financier of the Year in the awards, which celebrate the residential property market and its successes of the past year. The winners will be announced at a ceremony in London on 16 May 2018.
The completed Ipswich project will create 150 homes and more than 5,000 square feet of commercial space and will support 56 new jobs. It is a key development in the Ipswich Vision project, which brings together local partners to work towards a single vision for the regeneration of Ipswich town centre.
Nick Walkley, Chief Executive Officer for Homes England, said: “At Homes England we’re using our finance, land and expertise to get new homes built in ambitious places like Ipswich. The Winerack is a really important example of how government is prepared to intervene to unblock stalled developments and help people and businesses to thrive. It’s great to see the real progress now being made to finish the project and help spur the regeneration of the town centre.”
Chris Starkie, Chief Executive of New Anglia LEP, said: “We are pleased to see work progressing on the Winerack. This project marks a step forward in the transformation of this part of Ipswich and it will help to unlock new investment and development opportunities.”
John Howard from Ipswich Wharf Developments said: “At long last, we’re delighted to see the construction of the Winerack now fully under way. The Ipswich Marina is the crown jewel of Ipswich and completing this building will transform the skyline of the harbour and provide another 150 homes in this stunning location. We would like to thank all our advisers, Homes England, the New Anglia LEP, the Local Council and Carters for working with us to bring this project to fruition. We look forward to welcoming some new home owners to the completed building in 2020!”
Nadine Buckland of Zenzic Partners said: “The Winerack was a great transaction to be involved with. It was a very innovative financing structure with Homes England and the LEP and it’s great to see it translate into delivery of what will be a fantastic scheme.”
Notes to editors
Homes England is the new housing delivery organisation that has been created to adopt a more commercial approach to respond to the long term housing challenges facing this country. The new, expanded agency will play a far bigger role in investing in supply and intervening in the market to help deliver 300,000 homes a year by the middle of the next decade.
Homes England will act differently from its predecessor, bringing together money, land, expertise and planning and compulsory purchase powers to accelerate the supply of new homes and address affordability issues in areas of highest demand.
For more information visit: https://www.gov.uk/government/organisations/homes-england.
The Home Building Fund is a flexible source of funding administered by Homes England on behalf of government. The Fund provides:
• Development finance – loan funding to meet the development costs of building homes for sale or rent
• Infrastructure finance – loan funding for site preparation and the infrastructure needed to enable housing to progress and to prepare land for development
New Anglia LEP Growing Places Fund
New Anglia Local Enterprise Partnership’s Growing Places Fund provides loan-funding to help kick-start and support development projects across Suffolk and Norfolk.
From innovation centres that will help launch new start-ups to transforming empty land into new homes and commercial premises, the Fund provides infrastructure loan funding to projects that might otherwise have stalled or not started at all.
Ipswich Vision is a partnership project which brings together key organisations to create the successful county town centre which Ipswich and Suffolk expect and deserve through supporting regeneration, better transport, shopping and improvements to public spaces and public buildings.
Ipswich Vision is a partnership between Suffolk County Council, Ipswich Borough Council, Ipswich Central, New Anglia Local Enterprise Partnership, University of Suffolk, Ben Gummer MP and Suffolk Chamber of Commerce in Greater Ipswich.