Ashwell Property Group PLC - Mixed-Use Development - Ravenswood, £20 Million Boost

Date: 06 May 2004

Another major piece in the Ravenswood jigsaw has been fitted in with the completion of the sale of the site earmarked for the neighbourhood centre.

The multi-million deal has seen the former airfield terminal building and land around it sold by Ipswich Borough Council to Cambridge-based developer Ashwell Property Group PLC.

Ashwell's already has full planning permission for the £23 million mixed-use scheme in Ipswich's newest and greenest community. The plans will see the 7.16-acre (2.9-hectare) redundant brownfield site transformed into an attractive, high quality, mixed-use development comprising high quality housing, retail, leisure, and community facilities. The 1930s Grade II listed former terminal building will be refurbished to provide a series of first-class residential homes and a community centre facility.

Key elements of the Greenways development include:

· 62 (49,547 sq ft) two-bedroom residential homes, a proportion of which will be designated shared equity / key worker housing
· Shopping complex incorporating 12 retail units (totaling 30,864 sq ft), including food stores, bakery, pharmacy, newsagent and a range of other local shops
· Fast-food restaurant
· Bespoke combined health centre and clinic
· A children's nursery
· Modern community centre
· Public square
· More than 200 car parking spaces located across the site
· Cricket pavilion
· Pedestrian / cycle links with the Ravenswood community and surrounding area

Paul Thwaites, Chief Executive of Ashwell Property Group PLC, commented: "We are pleased that the completed purchase of this final piece of land for the Greenways Ravenswood District Centre has all gone through and construction is due to start on site very soon. The interest that has been shown in the site to date from prospective tenants has been very encouraging and so together with the support from Ipswich Borough Council we are looking forward to Greenways Ravenswood District Centre making a hugely positive contribution to the local community."

Laurence Collins, Director of Ipswich Borough Council, said: "We are all looking forward to work beginning on this exciting project. It will provide a huge bonus to local people and add even further to the attractiveness of the Ravenswood community.

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