NEWS ARCHIVE
IPSWICH SITE TO BE TRANSFORMED BY £4M MILLION OFFICE SCHEME | 07/01/08
Stylish new offices are set to transform a site in the heart of Ipswich thanks to a £4 million scheme by property developer Targetfollow.
Work on the contemporary four-storey building at 40-50 Princes Street is due to start this month
The ground floor and part of the first floor have already been pre-let to a Plc tenant, whose name has yet to be announced.
The development is being managed and co-ordinated by Norwich-based Targetfollow on behalf of its parking division, RCP Parking, which has operated a successful 46-space car park there for several years.
Targetfollow development manager James Smith says: “We’re delighted to be pressing ahead with these high quality, modern offices, which will be a real asset to Ipswich, regenerating a central site and providing excellent accommodation for businesses. It’s particularly exciting that a Plc tenant has already shown such confidence in Targetfollow and its ability to deliver first-class developments by pre-letting a significant part of the building.”
Targetfollow is offering 1,399 to 7,858 sq ft of floor space to further tenants via joint letting agents Savills and Bidwells. The offices will include air cooling, raised floors, LG7-compliant lighting, video entry phones, parking and terrace areas to the upper floors.
The scheme has been designed by Beanland Associates Architects and the main contractor will be ISG Jackson Special Projects. Bidwells has been acting as the development consultant.
RCP Parking managing director Shapoor Naghshineh says: “We operate five popular car parks in Ipswich – with more than 500 spaces in total – but our investment company owns the freehold to this particular site and we always knew it was ripe for redevelopment. A great deal of time and effort has been spent on the detailed design of the scheme, getting everything just right, and I am looking forward to work commencing.”
With a staff of 250, Targetfollow is a leading commercial property investment and development business specialising in major opportunities in city centres. The group has a development and investment portfolio of £3 billion, which includes the iconic Centre Point office tower in London.
It recently secured funding worth £454 million from Bank of Scotland Corporate to help further expansion across the UK and Europe.
In Norwich, Targetfollow is forging ahead with its £66 million Duke’s Wharf scheme, which will turn a major brownfield site in the city centre into a new mixed-use quarter comprising office buildings, riverside apartments, an art gallery, restaurants, cafés, courtyards, walkways and green rooftop terraces.
Another significant project in East Anglia is Harford Place, the £125 million proposed regeneration of Targetfollow’s 21-acre site on Hall Road, Norwich.