Buttermarket development plans submitted
Capital & Regional and Drum Property Group have today submitted a planning application for their proposed redevelopment of Buttermarket Shopping Centre in Ipswich.
The application details the two companies' plans for their £35 million investment into Ipswich town centre which includes the development of a 16-screen cinema complex as well as six new restaurants to complement the centre's retail offer, and is set to be enhanced further through the addition of a number of major national brands.
The planning application, which has been submitted to Ipswich Borough Council, is an evolution of existing plans for the centre, approved by Ipswich Borough Council in 2013.
Buttermarket is Ipswich's largest covered shopping centre and was acquired by Capital & Regional and Drum Property Group for £9.2 million in March 2015.
Hugh Scott-Barrett, CEO, Capital & Regional said: "We believe our proposals will revitalise not just Buttermarket Shopping Centre, but Ipswich town centre as a whole by introducing a tailored mix of retail and leisure facilities. We look forward to working with Ipswich Borough Council, the town's retailers and the local community to advance these plans."
Graeme Bone, Group Managing Director, Drum Property Group said: "Our plans represent a significant investment in Ipswich town centre that will deliver additional and improved retail and leisure amenities for local residents and the wider region. We have a real opportunity to develop Buttermarket into a vibrant shopping centre everyone can be proud of."
Capital & Regional owns a portfolio of in-town community shopping centres, comprising six Mall shopping centres in Blackburn, Camberley, Luton, Maidstone, Walthamstow and Wood Green and a 20% joint venture interest in the Kingfisher Centre in Redditch, in addition to Buttermarket. These centres consist of 800 retail units and attract 1.6 million shopping visits each week.
Drum Property Group is a privately owned real estate development and investment business. Drum currently has projects under development with an end value in excess of £1 billion, in addition to owning and managing an extensive existing residential and commercial investment portfolio.
For further information:
Giles Barrie, FTI Consulting
020 3727 1042
Emmanuel Ofosu-Appiah, FTI Consulting
020 3727 1745