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Why it matters: The Cornhill has been the beating heart of Ipswich town centre since the Middle Ages. The iconic building has been vacant since 2012, blighting the town centre with its deteriorating condition for more than a decade, with little hope in sight.

Rapid progress: One of the two units within the former Grimwades is already under offer with an occupier, and it is expected that the other unit will soon be under offer.

The council is working to appoint a contractor to start significant repairs and refurbishment by the end of May, with new tenants expected to move in later this year.

What they're saying: "I'm delighted that we have been able to acquire this empty building that has been blighting our town centre," says Councillor Neil MacDonald, Ipswich Borough Council Leader.

"One part of the building is already under offer and we are actively engaging with other potential occupiers for this fantastic opportunity in the heart of the town centre."

Lee Walker , Chief Executive of Ipswich Central , added: "This iconic building sits at the very heart of the town and indeed the high street, seeing it move forward toward once more being a let space in Ipswich is a real boost for the town as 2025 shapes up to be a really exciting year for Ipswich."

For context: The building dates to 1884, and although architecturally significant and prominent, it is not a listed building. It occupies a prominent corner position on the North Western corner of The Cornhill at Westgate Street.

The structure has three main floors plus a basement and was initially two separate premises, thought to have been joined together in the 1960s or 1970s.

Made possible by the Towns Deal funding: Ipswich was awarded £25m of Towns Fund funding in 2021 to boost economic productivity and support sustainable growth. It was with this funding that the acquisition became possible, with IBC contributing an undisclosed sum towards the deal.

David Ralph, Chair of the Ipswich Vision and Town Deal Board, said: “The Board welcomes the progress that this acquisition will make in delivering the expected outcomes for Ipswich, revitalising and regenerating the town centre, and achieving the aims set out in the Town Investment Plan.”

The bottom line: While much criticism is levied at the council for their perceived role in the town centre's decline, this acquisition is a tremendous step in the right direction, and much credit should be given to those who've made it happen.