Associated British Ports has acquired Ipswich Port Authority, Suffolk, for £22.4m after Transport Secretary Sir George Young approved the Authority’s recommendation to sell the 80.94ha (200 acre) port.
The sale includes about 16.18ha (40 acres) of development land and the Wet Dock, close to the town centre, considered suitable for residential, speciality shopping and cultural uses.
The underbidders were Hutchison Whampoa, which operates Felixstowe port; industrial property investor Cleveland Trust; and local timber importer Anglo-Norden.
The government will retain half the purchase price as a levy. The remainder stays with the port and becomes available to ABP.
ABP’s property arm, Grosvenor Square Properties, is undertaking port commercial development schemes in Cardiff, Southampton, Hull, Fleetwood and Barry. ABP now owns 23 ports nationwide.
Ipswich Port Authority was required to privatise under the Ports Act 1991. Six UK trust ports, including Tibury, has been privatised since 1992. Tyne is expected to be sold later this year.
EGi News 17/03/97
