A new owner has taken over a tower block in Ipswich, Suffolk after it was deemed “unsafe” and in need of significant fire safety remediation work
As reported by BBC News, a local developer has bought the freehold for The Mill in Ipswich for £1 after ongoing structural issues left many properties within the 249-flat development “worthless”.
As previously reported by the FPA, The Mill development, which comprises a 23-storey tower and adjacent blocks of flats in Ipswich, was being overseen by business advisory firm RSM UK after falling into administration in 2010. Fire safety issues came to light when cladding was torn from the building during gale-force winds in 2013, and according to Ipswich Star, a 2014 report unearthed significant fire safety issues.
In March 2024, RSM UK said it had been working “hard to find ways to raise the necessary funds to rectify the issues affecting the property whilst maintaining important fire safety measures to ensure residents of The Mill can stay in occupation”. According to BBC News, the administrators said that a £15 million settlement had been reached over the cladding issues but paid to creditors, the National Asset Management Agency (NAMA), with RSM UK adding: “It is unlikely that these funds will be returned.”
With concerns that remediation funds would soon run out due to high costs, the total of which was estimated to be in the “region of £30 million”, the business advisory firm added that it was “actively seeking assistance from central government to help us access further funds”.
In April, Homes England confirmed that the buildings qualified for the government’s funding scheme for cladding safety, with the administrators adding that a new freeholder had also been sourced.
Speaking on behalf of The Mill Leaseholders’ Association, Julian Bradbrook told BBC News: "We're very hopeful that with funds from Homes England to do the cladding on these buildings and having a buyer, there is a process that can take place which gets us to getting their value back.”
The new freeholder and owner, John Howard, also told the news outlet: "What we have to do is retain the structural stability of the tower by maybe reducing [it by] a few floors, but I don't think we want to be too dramatic about that."
Regarding the government’s remediation support, Howard added: "We need every government department we can get our hands on that have grants available that can help and support us."