In the latest of our articles on the development of the Winerack, we take a look at how funding was agreed to deliver this waterfront landmark.
Standing proud on the Waterfront, the symbolic structure of the 2008 banking crisis has received a long-awaited boost for developer John Howard, as funding has been agreed which will help to kick-start development.
Branded as ‘The Winerack’, the much talked about contemporary apartment scheme, will provide 149 homes and 5,000 square feet of commercial space and will support over 50 new jobs.
The Homes and Communities Agency is set to invest £15 million, along with £5 million from the New Anglia Local Enterprise Partnership. Construction is expected to start later this year. Ipswich Wharf Developments (IWDL) - led by John Howard and Jeremy Scowsill - is the project developer and has been advised on the financing by Zenzic Partners who have crafted a creative capital solution, that will allow delivery of the landmark project.
The Homes and Communities Agency’s investment is through its ‘Home Building Fund’ and the investment from New Anglia Local Enterprise Partnership (LEP) is through its ‘Growing Places Fund’.
News that vital public investment - subject to legal documentation – is available has pleased many, particularly Ben Gummer MP who has been a driving force and supporter to achieve completion of the Waterfront project for several years.
Mr Gummer added: “People in Ipswich have been waiting a long time for this moment – promised for ages and now at last it has come. We have confirmation that the Winerack project is now fully-funded and ready to go. We should see builders on site soon.
It has taken six years to get to this point, from when in 2011 I brought NAMA, the Irish bank who owned the building, over from Dublin to Ipswich in an effort to get things moving. Down to tense phone calls we have had over the last few weeks, this has taken an enormous amount of effort.
I am very grateful to the HCA, New Anglia LEP, Ipswich Borough Council and most of all to John Howard, for making this project happen. We all now want to see the project delivered so that we can remove this blight from the Town’s skyline and for our town to show its ambition in full again.”
Developer John Howard said: “Both my partner and I are Ipswich born and bred and this has been more than just a business project for us.
With the help of the HCA, the LEP, Ipswich Borough Council, Zenzic and our very supportive local MP, Ben Gummer, we are at long last looking forward to completing the conversion of the Winerack into fabulous homes for local people and beyond.”