Rainier Developments has unconditionally agreed to purchase the freehold of the circa 70,000 sq ft Ipsley House office building in Redditch in a seven-figure deal from a private vendor.
The company is looking to redevelop the 4.5-acre brownfield site and deliver up to 80 homes in a residential scheme with a GDV of £25m.
Will Blacker, land director at Rainier Developments, said: “We’re delighted to seal the unconditional acquisition of what is a hugely attractive site that boasts so many opportunities from a residential development perspective. Ipsley House offers the best of both worlds. It has the feel of a green, countryside location, yet it’s positioned just outside the vibrant town centre of Redditch, and with easy access to the UK’s motorway network.
“This vacant office is a sign of the times post-Covid and we hope to make better use of the site, which was last occupied over five years ago. We remain active in the market and are continuing to look for similar opportunities.”
Rainier is currently working up plans for the site and intends to submit a planning application in the coming months. Knight Frank advised the vendor on the deal.
