Debenhams: Ipswich store sold to racehorse owner

The prominent Ipswich building is on the Cornhill

A town's prominent Debenhams building has been sold.

The site in Ipswich's Cornhill has been bought by The Unex Group, headed by property tycoon and racehorse owner William Gredley, as first reported in the Ipswich Star.

Unex said it bought the four-storey building for more than £3m and it was "exploring possibilities" for its use.

Ipswich Central, the town's Business Improvement District (Bid), said the sale was "good news".

Russell Williams, chief executive at Ipswich Borough Council, said: "We look forward to working with the new owners of the Debenhams site and that the building will have vibrant new occupiers in the near future."

Online fashion retailer Boohoo bought the Debenhams brand and website in January but the £55m deal meant the 118 High Street stores would close.

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Ipswich's store is located at Waterloo House which had been on the market for £5.5m and was described as "prominent" by the borough council leader David Ellesmere.

It was built in 1975 and Debenhams' tenancy agreement started on 8 August 1977, according to the sale documents.

Debenhams has been part of Ipswich town centre for decades

Ipswich Central's chief executive Paul Clement said the sale was one of the first since the Boohoo takeover.

He said: "It's good news that it's been bought by a private investment company, they haven't borrowed loads of money against this, they've got some form in Ipswich and they've got their own plans for the building.

"And of course they are Suffolk-based, it's Suffolk's county town and they've made a major investment here."

Mr Clement said Mr Gredley's company had previously bought Fraser House on Princes Street, a former department store that it converted into offices.

He said the "absolutely central" site would give the firm "lots of opportunities".

There are plans to reshape Ipswich as a "15-minute" town, with the aim that all resident needs can be reached within a quarter of an hour by foot or bike.