Ipswich Borough Council receive nearly £8m for town centre

The rationale of the project is for the £7.9m Regeneration Fund to be a revolving fund which will lead to the revival of the town centre.

A report to Ipswich Borough Council report says: 'Like many places within the UK, Ipswich has seen a significant decline in retail unit occupation on its main high streets.'

The aims of the project include increasing the number of occupied units in the town centre, diversifying the uses of units in the town and generating confidence in Ipswich as a place to invest.

Ipswich Borough Council has received £7.9m to revive, rejuvenate and increase footfall in the town centre. (Image: Newsquest)

The council also wants to increase football in the town centre, intervene where there is market failure and wherever possible, deliver a return on investment.

The project targets are to bring 16 town centre properties into use by 2029, with at least eight in use by 2026.

Another target is to increase the footfall in the town centre by 10% and to generate land value uplift.

The council already holds a number of properties in the town centre and with this fund, may decide to acquire more, and where a council property is not let or becomes vacant, the Regeneration Fund could be used to redevelop the property.

The fund also provides the opportunity for town centre regeneration and improve the appearance of the town centre.

Neil MacDonald, Ipswich Borough Council leader (Image: Newsquest)

Councillor Neil Mac Donald, leader of Ipswich Borough Council, said: "As part of Ipswich Borough Council’s commitment to creating a thriving town centre, we must bring unused properties back to life."

David Ralph, chair of the Vision board, said: "By reducing the number of vacant properties and encouraging mixed usage, through both residential or commercial use, this project aims to revive, rejuvenate, and increase footfall in Ipswich town centre.

"A mix of interventions are proposed to deliver this project, which will support short-term wins, whilst we consider the long-term complexities of the UK high street."