Ipswich shopping centre for sale at fraction of 2005 price

The rise of online shopping, a pandemic and a cost of living crisis fuelled by the war in Ukraine have all contributed to the growing pressures on the retail sector in recent years.

Now the Tavern Street complex will be going under the hammer with auctioneers Allsop on Thursday, March 21.

Despite its current £3m guide price, it is hoped the shopping complex, which is owned by Nottingham-based ALB Group, will sell for more.

First opened in 1986 as Tower Ramparts Shopping Centre, the complex has changed hands numerous times.

In 2005, the centre was sold for more than £30m and previously changed hands for £26m in 2002, £24m in 1999 and £22.36m in 1995.

In 2012, property giants LaSalle bought the centre spending £4 million on transforming it and bringing it up to date.

The shopping centre was later renamed Sailmakers to celebrate the town’s maritime heritage. 

The complex is to go under the hammer next week (Image: Newsquest)

George Walker, of Allsop, said: "It is quite a difficult asset to sell because retail has had a decade of troubled times.

"The seller has got a number of these and he is deciding it is time to get out and move on to other things."

Sports Direct is moving into the former BHS (Image: Paul Geater)

Mr Walker added: "It is guided at £3million. It's an auction so hopefully it will do better."

"It's an opportunity. I have been doing this for 30 years, and what I have learnt is every buyer has a different view of things."

The recent number of new leases secured by the current owners is hoped to prove to be an attractive proposition and give confidence to future buyers.

Documents show leases were recently agreed for Morrisons Daily and Poundland. 

Toby Warren, head of policy at Suffolk Chamber of Commerce, said of the auction listing: “During its period of ownership, ALB has done a lot to ensure that Sailmakers has a long term future.

"We are sure that a new owner will recognise that Sailmakers is a key town centre asset and will want to continue the work that ALB has started.”

It is the latest twist in the fortunes of Ipswich town centre. 

Grimwades currently remains empty, although Ipswich Borough Council did apply for a compulsory purchase order last year. 

There continues to be no sign of life at the former Debenhams in Westgate Street, which closed its doors in 2021.

Marks and Spencer is hoping to move out of town to the former Toys R Us store, although it is believed it may have been asked to retain its Westgate Street premises. 

Sports Direct, alongside three other Fraser Group businesses, has confirmed it is moving into the former BHS unit. 

Sailmakers was recently granted approval for 26 flats on the first and second floor of the building.

Sailmakers has been approached for comment.