Turnstone Estates has purchased the ground lease of the Drum & Monkey public house in Princes Street, Ipswich from Punch Taverns for 255,000.
Turnstone purchases Ipswich site
The 3,840 sq ft (356 sqm) property will be let on a short-term lease. Turnstone plans to develop the site along with the adjacent property, Greyfriars House, which the company purchased in 1999.
Nick Scott of Turnstone Estates comments: 'We are in advanced stages of agreeing a short-term lease for the property, and are in discussions with the local council to enable a comprehensive redevelopment of this prominent site. It is in an ideal location, just a two minute walk from the main train station and city centre'.
Established in 1989, Turnstone is one of the most active and dynamic property companies in the south east of England.