> ## Content Index > Fetch the complete content index at: https://www.ipswich.co.uk/llms.txt > Use this file to discover other available public pages before exploring further. # Well-known Suffolk family set to buy Buttermarket Centre in 'cut price' deal - URL: https://www.ipswich.co.uk/well-known-suffolk-family-set-to-buy-buttermarket-centre-in-cut-price-deal/ - Published: 2026-10-23T07:10:11.000Z - Updated: 2026-10-23T07:10:11.000Z - Description: The Hembry family, who have a long-standing association with the town and own a number of sites and developments, are understood to be the 'last buyer standing' for the Buttermarket Centre. The price is believed to be around £5m – a fraction of the £54.7m it fetched nine years ago. - Author: Oliver Rouane-Williams - Tags: News, Buttermarket Centre, Town Centre & Waterfront **Why it matters:** The Buttermarket is one of only two shopping centres in Ipswich town centre and a key retail and leisure destination, despite a difficult few years. Who owns it, and what they intend to do with it, will shape the centre of town for years to come. **The details:** The centre was listed in January with a £10m asking price, but Ipswich.co.uk understands it will be purchased for around £5m. - We understand two previous prospective buyers withdrew following two separate incidents that forced the complete and partial closure of the centre. - The Hembry family is understood to be the only remaining buyer and close to completing the deal. **By the numbers:** The price represents a dramatic fall from recent valuations. - £9.2m – paid by Capital & Regional and Drum Property Group in March 2015 - £35m – the cost of the refurbishment that delivered a new cinema complex and dining and leisure units - £54.7m – paid by the National Grid Pension Fund in 2017, after the works were finished - £10m – the asking price when the centre was listed in January 2026 - Around £5m – the price we understand has now been agreed **For context:** The centre closed twice in under a matter of weeks this autumn. It shut on Friday, 28 August, after a burst water main, with parts of the electrical system switched off while contractors carried out safety checks, and reopened on Thursday, 3 September. It closed again on Tuesday, 22 September, after a tempered glass panel failed in the north mall, with a handful of tenants trading on through the shutdown. The centre reopened from 15:00 on Friday, 2 October. **The big picture:** The Hembry family has a long association with the town and already owns a number of properties on the waterfront, along with the Port One logistics park just outside Ipswich. The family also owns the two Victorian blocks at the former Cranfield Mill site. An application lodged this month seeks permission to demolish Blocks B and C, stating that they "cannot be saved and converted to residential use" and that "the only option for the building is demolition and eventual rebuild". No replacement scheme has been submitted, and the council is set to buy the site for around £1.1m. [Council plans to buy Cranfield Mill site for £1.09mIpswich Borough Council plans to buy the land beneath two Victorian buildings at the Cranfield Mill site for £1.09m, according to correspondence seen by Ipswich.co.uk. With the council declining to comment, the question remains: what comes first, the sale or the demolition?![](https://storage.ghost.io/c/29/1e/291e4b7f-e551-4458-b546-61963954b22f/content/images/icon/ipswich-icon-fe188388-ca09-4ecd-a237-3d7216934950.png)Ipswich.co.ukNicola Sebastian![](https://storage.ghost.io/c/29/1e/291e4b7f-e551-4458-b546-61963954b22f/content/images/thumbnail/IMG_1954-1-13744e99-81b1-46b7-a7c6-b25feed8e86b.jpg)](https://www.ipswich.co.uk/council-plans-to-buy-cranfield-mill-site-for-1-09m/) **What is not known:** No plans have been published for the Buttermarket Centre, and the buyer has not said publicly what it intends to do with the site if it completes the purchase. Neither party has confirmed the sale. **For context:** Footfall rose 1.3% year on year during 2025, bucking wider high street trends, and tenants including TK Maxx, New Look, Grape Tree and Superbowl have signed new or extended leases. Ipswich Town is due to open a Planet Blue club store in the former Superdry unit in early November, bringing a long-vacant space back into use. The centre is also home to the Omniplex 14-screen cinema, PureGym and Wagamama, and sits minutes from the Willis Building, where Halo is moving its global headquarters with plans to grow to more than 1,000 staff. [Ipswich Town FC to open new club shop in the ButtermarketA long-vacant shop unit in the Buttermarket is set to be brought back into use next month as Ipswich Town prepares to open a new Planet Blue store in the former Superdry premises.![](https://storage.ghost.io/c/29/1e/291e4b7f-e551-4458-b546-61963954b22f/content/images/icon/ipswich-icon-33df7cab-a26a-42aa-8f01-36d031ea8e6b.png)Ipswich.co.ukNicola Sebastian![](https://storage.ghost.io/c/29/1e/291e4b7f-e551-4458-b546-61963954b22f/content/images/thumbnail/IMG_2766-1-1-f9e62bfb-3d15-4bb1-842a-20c27c7100bf.jpg)](https://www.ipswich.co.uk/ipswich-town-fc-to-open-new-club-shop-in-the-buttermarket/) **The bottom line:** A shopping centre that sold for £54.7m in 2017 is set to be sold for a knockdown price to a family that already holds a significant stake in the town. We'll be there to cover what happens next. National Grid Pension Fund and the Buttermarket Centre were approached for comment. --- **Don't forget:** If you enjoy our content, please [add Ipswich.co.uk as a "preferred source" on Google](https://google.com/preferences/source?q=ipswich.co.uk&ref=ipswich.co.uk) so you can easily find more of the content you value. [Add as a preferred source on Google](https://google.com/preferences/source?q=ipswich.co.uk&ref=ipswich.co.uk) --- ### This article cost us \~£54 to produce It's free for you to read thanks to the generous support of our partners. Please support us by supporting them.