For ten years the Ipswich Winerack development has hung in the balance; with particular uncertainty over its completion. Located on the Ipswich Docks, the development comprises of 150 apartments, with 120 of those apartments benefitting from river views, and now Ipswich residents have been given a first-look at the building’s interior – with apartments now available to view online and some already under offer.
The initial allocation of 33 apartments have sold quickly, and the remaining apartments are scheduled to be completed and offered for sale in tranches over the next three quarters.
Prices range from £325,000, up to £475,000 for a fourth-floor penthouse with breathtaking views. As well as a series of stunning apartments in a landmark building, the development is also the first of its kind in the region to incorporate an automatic car parking “stacker system”.
The History of the Winerack Development
Problems originally hit the development following the 2008 financial crash, which resulted in the original developers, City Living, losing funding and going into administration in 2010. This left the skeletal concrete structure – from which the development got its name – towering over the Ipswich waterfront, under threat of demolition.
Developer John Howard finally managed to secure a £26 million rescue fund to complete the works, with support from the New Anglia Local Enterprise Partnership backed up with central government grants, and construction finally got underway again in early 2018.
After so many years standing in all weathers, it was necessary for developers to determine whether the concrete skeleton was still sound. Scaffolding was then erected and a crane positioned atop the main structure, which enables developers to make steady progress, and as a result, the first apartments were completed in Spring, 2019.
Contribution to Wider Regeneration
The Ipswich Winerack is one of a number of welcome initiatives aimed at regeneration and new development in Ipswich and throughout Suffolk.
The Brightwell Lakes development, which will see the construction of up to 2,000 new homes of varying types, gained planning permission in April 2018. It will be a “lower density” housing development, incorporating open green spaces, allotments and community orchards.
The Ipswich Garden Suburb, one of the largest developments ever proposed in the town, also achieved planning permission in April 2018. It aims to create some 3,500 homes across three distinct neighbourhoods.
Development of the waterfront area has seen it transformed into a residential and cultural hub. No doubt the Ipswich Winerack development will both enhance and cement the area’s status and help to further enrich and improve the quality of life for people living in the town.
Planned improvements to the railway line between London and East Anglia – Network Rail the interior of the building investing £2 billion into the project – can only help to make the town more attractive to house-hunters looking to avoid paying London prices.
This combination of ambitious urban renewal and rail investment looks likely to help set the stage for a new bid by Ipswich for city status, which will be launched in 2022. This will be the city’s fourth bid, and evidence shows a clear benefit in terms of investment, property development and economic growth for new cities. A successful bid for Ipswich could lead to further development opportunities and greater buoyancy in the property market.
What do you think about the Ipswich Winerack development?