A leisure and retail city centre regeneration project in Ipswich.
Drum Property Group acquired the Buttermarket Centre in Ipswich for £9.2 million in March 2015 in a 50:50 joint venture with Capital & Regional plc. £25 million was invested to transform it into a new retail and leisure destination and social hub in the heart of Ipswich.
The redevelopment saw the introduction of a new state of the art 12-screen Empire cinema, and a new family dining offer which includes brands such as Byron Burger, Coast to Coast, New Look, Prezzo and Wagamama. Drum and Capital & Regional also introduced a new 20,000 sq ft Pure Gym, which has increased footfall in the town centre, and secured long-term commitments from national retailers New Look and TK Maxx which now occupy larger units in the centre. The works also included the re-modelling of the St Stephens Lane entrance to create a new piazza area.
The regeneration of the site strengthened the attraction of the Ipswich town centre by bringing an dated complex back to life, and creating a lively and attractive destination.
Drum Property Group agreed terms to sell the Buttermarket centre in Ipswich to the National Grid Pension Fund for £54.7 million in 2017.