On behalf of Burney Group, Carter Jonas has acquired, subject to planning, Russell Road Retail Park, Ipswich, for an undisclosed sum.
The Russell Road site comprises 2.6 acres and benefits from a prominent road position close to the A137 Chancery Road/Grafton Way junction and B1075 Princes Street, approximately one mile southwest of the town centre. Next to Ipswich Town Football Club, it is on the main route to the waterfront.
The site includes a retail portal frame warehouse currently split into two units of 16,651 sq ft and 24,450 sq ft. Burney Group is set to transform the vacant site, refurbishing the existing space and dividing the warehouse into five separate units with a range between 4,327 sq ft and 11,032 sq ft. Additionally, a new 99-bed hotel is proposed, with an agreement for lease recently exchanged.
Samuel Turner, Associate, Commercial, Carter Jonas said: "The Burney Group is renowned for its expertise in selecting sites where value can be added through performance-enhancing strategies. We are extremely pleased to have supported its team with this acquisition and to be working on the next stage of the site's development.
"In the current climate, landlords and investors are exploring opportunities to repurpose existing retail space to better fit the rapidly evolving needs of potential occupiers and the Russell Road site offers a huge amount of scope. Having just launched the five anticipated units on the reconfigured space, we have received strong interest from several businesses with a unit already under offer. As lockdown restrictions continue to ease and occupiers once again focus on long term objectives, we anticipate a number of new entrants to join the Park over the coming months."