Property advisor Savills has completed the sale of 82 acres of land in northeast Ipswich for £18m – potentially paving the way for up to 600 new homes.
The site, to the rear of Humber Doucy Lane, sits across the boundary of both Ipswich Borough Council and East Suffolk Council and has been allocated for residential development.
The land has been 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 in the development team at Savills in Suffolk and Essex, 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.”
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