The Winerack building, located on the Ipswich waterfront, has received vital public investment. The Homes and Communities Agency has revealed that it will be investing £15 million, subject to legal documentation. This investment will see the Winerack building development restarted. The project has been delayed and New Anglia Local Enterprise Partnership has also invested £5 million.
Construction on the development is meant to start at some point later in the year. The Ipswich Warf Development is being led by the local developers John Howard and Jeremy Scowsill. The development has also been advised on the financing by Zenzic Partners.
It has been found that the Home and Communities Agency investment will be investing in the project as part of the Home Building Fund. This Fund is a government backed finance that is delivered to developer of all sizes that then allows them to build more homes and improve their places. The New Anglia Local Enterprise Partnership is supporting the investment by adding £5 million from their Growing Places Fund. The Growing Places Fund is a scheme that provides loan-funding in order to kick start and support development projects that take place across Suffolk and Norfolk. These projects could be innovation centres that launch new start-ups as well as transforming empty land into either new homes or new commercial space.
The work is planned to be carried out on the Regatta Quay which is known locally as the Winerack. The building has been in a semi-constructed state since 2008 and the financial crash. The building is a vital development that forms part of the Ipswich Vision project. This Vision project involves local partners coming together and working towards a signal regeneration vision for the Ipswich town centre. When the project is completed there will be 149 residential units and 5,000 sq. ft. of commercial space. It is thought that this development will also support 56 new jobs.