Savills Completes £18m Land Sale for Potential 600 New Homes in Ipswich, Suffolk

Savills Completes £18m Land Sale for Potential 600 New Homes in Ipswich, Suffolk

(IN BRIEF) Real estate advisor Savills has completed an £18m land sale on behalf of a private landowner, paving the way for the potential construction of 600 new homes on the outskirts of Ipswich, Suffolk. The 82-acre site, situated across Ipswich Borough Council and East Suffolk Council boundaries, has been allocated for residential development. Housebuilders Barratts and Hopkins Homes jointly acquired the land, with 57.5 acres designated for 449 homes in Ipswich Borough and 24.5 acres for 150 homes in East Suffolk. While planning permission is still required, the sale reflects the strong demand among housebuilders for strategic edge-of-town locations in the area.

(PRESS RELEASE) LONDON, 6-Jul-2023 — /EuropaWire/ — Real estate advisor Savills has completed an £18m land sale which could see up to 600 new homes built on the edge of Suffolk’s county town.

The site to the rear of  Humber Doucy Lane in north east Ipswich sits across the boundary of both Ipswich Borough Council and East Suffolk Council and has been allocated for residential development.

The 82 acres of land has been sold on behalf of a private land owner and bought jointly by housebuilders Barratts and Hopkins Homes.

The 57.5 acres that fall within the boundary of Ipswich Borough Council has been allocated for 449 homes and associated infrastructure, while the 24.5 acres within the jurisdiction of East Suffolk Council has been allocated for 150 homes.

Although the land has been earmarked for residential development by both councils, planning permission would still be required before any work can start.

Andy Redman, director within the development team at Savills, said: “The rise in the cost of living and increasing interest rates have led to the housing market becoming more price sensitive in recent months – but there continues to be a desperate need for new homes in Suffolk and land such as this, which has already been allocated for development, rarely comes to market.

“This is a significant sale and there was strong interest from a number of parties – showing the robust demand among housebuilders for strategic sites in edge of town locations.”

Media Contact:

Andy Redman
Director, Development
+44 (0) 1245 293 293

SOURCE: Savills