Lloyds Bank will move into the former H&M and more recently House to Home shop in Tavern Street this summer, with work starting to already transform the site.
ALB Group, the developer behind Sailmakers shopping centre, purchased the building for an undisclosed sum in April 2025.
Aaran 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.
“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.
House to Home moved in after H&M (Image: Shikhar Talwar)
“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.”
Developers say the scheme will retain the building’s distinctive exterior while creating modern commercial space, including a 6,000 sq ft basement area with access from Tower Street that could suit leisure uses such as gyms or fitness studios.
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.”