St George’s House, Ipswich
The site was acquired in January 2007, comprising 1.20 acres and 30,412 sq ft of existing retail parade.
The rational behind the purchase of the site was the attractive existing income stream/yield and future development potential.
A scheme was drawn up to include a 120 bed Premiere Inn Hotel, 36 extra-care apartments and a 15,000 sq ft new retail parade at ground floor level.
Due to the deterioration in market conditions in 2008 the decision was taken to concentrate on a long term hold strategy for the site.
SB2 sold their interest back to their partner.