A high street bank has signed an agreement on new premises in Ipswich after a developer committed to a major redevelopment plan.
Lloyds Bank will move into the former H&M store in Tavern Street in the town centre in the summer of 2026, and works have now commenced on the transformation of the site.
ALB Group, the Nottingham based developer behind projects such as Sailmakers shopping centre, has continued its commitment to reinvigorating the Great British high street with the purchase of 21-23A Tavern Street for an undisclosed sum.
The art deco style building, which stands in one of the area’s main commercial and retail zones, was purchased by ALB in April 2025 after standing empty for nearly four years. Its conversion will provide commercial space while retaining the integrity of the building’s exterior design.
Arran Bailey, managing director at ALB Group, said: “We are excited to continue our investment journey in the heart of the historic town of Ipswich with what will be a standout commercial unit.”
John Morgan, director at Leonard Design Architects, said: “Across the UK, we are seeing a new generation of high-quality developments successfully bringing vacant retail space back into use with considered right-sized units.”
The vision for this building reflects a sustainable approach to town centre regeneration. It contributes and aligns directly to the council’s strategic vision for sustainable growth and regeneration by 2036.
Tim Lloyd, director at commercial property agency Cited, who originally marketed and sold the building to ALB, said: “There are many challenges posed when it comes to the regeneration of existing buildings. A number of vacant units in Ipswich, such as the former Debenhams department store, are still vacant due to the cost implications of reconfiguration. For example, in the case of the Debenhams building, the removal of the escalators and the building’s sizable rates are contributory factors based on its current configuration.
“The vision of ALB Group’s plan for the former H&M building considers the nature of the building and the needs of the consumer.”
In addition to ground floor commercial space, some 6,000 sq. ft of basement area will be available.
Tim said: “This space will have access from Tower Street and would be ideal for local leisure operators such as gyms or fitness studios.”
While Tavern Street is a busy pedestrianised retail hub close to Sailmakers and Buttermarket shopping centres, it is also close to heritage sites.
The building’s distinctive design, which will remain intact, fits well within this context. There is a blue plaque on the exterior of the building which is attributed to Geoffrey Chaucer. The poet’s family connection with the town is celebrated with this English Heritage signposting to the place where Geoffrey Chaucer’s grandfather, owned and occupied premises on the site in the 13th and 14th centuries.
Arran Bailey said: “I am passionate about investing in the high street and, where I can, saving some of the beautiful buildings that have stood empty for too long. ALB Group has been investing in towns and cities across the country, helping to reinvigorate and retain local shopping and commercial areas for the future. Ipswich is a beautiful town. We have invested in Sailmakers turning its fortunes around and we now plan to do the same on Tavern Street.”
It is anticipated that commercial space will be handed over to Lloyds in the summer.
