Coke Gearing have been involved in the former Cranes Foundry site in Nacton Road, Ipswich, from mid-2007.
We advised our clients, Aquila House Holdings, who purchased the site jointly with the Generator Group in an LLP known as Aquigen LLP.
The original site comprised approximately 400,000 sq ft of dilapidated and obsolete factory and foundry accommodation on a site of 44 acres which was, due to its use, heavily contaminated and was acquired freehold from the previous occupier, Crane Incorporated, which had, in one guise or another, been on the site since the 1920s.
A comprehensive development plan was drawn up in conjunction with Ipswich Borough Council, and the result, some 12 years later, is the completion of the final plot to provide a first in class example of brownfield regeneration attracting high quality occupiers to a genuinely mixed-use commercial scheme.
The development commenced with a pre-let to the John Lewis Partnership for a combined 100,000 sq ft John Lewis at Home and Waitrose store which enabled the initial site demolition, clearance and decontamination, together with the site infrastructure (including spur roads and estate layout), to be funded. This was followed up by a second phase of non-food retail, attracting such market leading occupiers as DFS, Carphone Warehouse and Costa. This enabled the remainder of the site to be developed for employment and sui generis uses including brand leading car retailers such as Jaguar Land Rover, Audi, Volvo, Mazda, Evans Halshaw and Pendragon.
Having established the potential of the site, Coke Gearing were able to introduce Chancerygate Plc who have acquired a site of approximately 4 acres in order to create a small unit industrial and warehouse development aimed at the SME/microbusiness owner occupier offering a range of units from approximately 3,000 sq ft to cater for a need which has long been overlooked in the Ipswich market.
The process has culminated with the letting of approximately 80,000 sq ft to a major local employer, safeguarding approximately 250 local jobs.
The final site, fronting Nacton Road, has been sold to a retail occupier, relocating and expanding from the adjacent Ravenswood shopping centre.
Looking back over the process of 12 years of work, all parties involved can take credit in the creation of a modern, mixed employment facility, recycling an established brownfield site and commencing in the depths of the post banking crisis recession. This scheme demonstrates the resilience and perseverance of the joint venture developers and the occupier appetite for high quality modern facilities.
Our involvement has covered the initial introduction, retail letting, freehold sales, investment funding and industrial lettings. It clearly demonstrates the depth of our experience and ability over the life cycle of the project, and an element of perseverance in securing high quality occupiers in challenging market circumstances.
