Ipswich Town Regeneration Scheme: April 2024 update

Melanie Francis, specialist CPO solicitor, reports on recent news regarding the Ipswich Town Regeneration Scheme.

Following the announcement of the Ipswich Town Regeneration Scheme in October 2023, strand two of the Scheme has been launched.

On behalf of Ipswich Town Deal Vision Board, Ipswich Borough Council is now seeking expressions of interest from developers, property owners and leaseholders to bring empty property back in use.

The Ipswich Town Council Regeneration Scheme is now live. Details of how to access the funds can be found at www.proudofipswich.co.uk and it is designed to be a user friendly portal for anyone to use. The map for the regeneration area can also be found online at www.proudofipswich.co.uk/regeneration-area/.

To qualify you need to:

• Own an empty property in Ipswich Town Centre - either freehold or leasehold.
• Have a great and well thought out idea for an empty property in Ipswich.
• Have a viability gap preventing you from bringing an empty property back into use.
• Looking for a property to operate from in Ipswich Town..

If you fall into any of these categories, please take a look at the projects that will be funded by the Regeneration Fund, and start the application process.

They are looking for help to diversify the town centre and drive footfall with the possibility of converting whole or parts of the commercial properties into residential accommodation.

All projects funded by the Scheme must deliver a social and economic benefit to the town, deliver value for money, be able to deliver a full detailed business case swiftly, and bring a property back into use by February 2026.

A panel of independent experts will consider your application which is subject to a selection criteria.

The criteria will look at:

• the scale of the positive impact it will have on the town,
• deliverability,
• value for money,
• ability to increase footfall and drive interest in Ipswich,
• ability to demonstrate that public investment is needed
• financial return on the investment.

Once the assessment by the independent expert has taken place they will identify those that will be invited to the full business case stage.

Applicants must be able to demonstrate that they are financially robust, agree to an open book accounting with the information being shared with the council and be able to satisfy the subsidy control test if the grant is awarded.

There does not appear to be a closing date for applications at the moment.

If you would like advice on compulsory purchase orders or development consent orders, Holmes & Hills specialist division of CPO solicitors are on hand to help.