AquiGen Real Estate Solutions, a joint venture between Generator Group and Aquila House Holdings, has completed the purchase of its first site, a 44-acre (178,000 m2) factory area in Ipswich, UK, which it will redevelop to create a new business park. The sale was managed by administrators BDO. Financial details were not disclosed.

AquiGen, which focuses on the acquisition of distressed sites with the potential for mixed-use schemes, said it plans to submit planning permission for the site at the end of September 2011.

The business park will offer 600,000 sq ft (56,000 m2) of retail, office, industrial and warehousing/distribution units. A pre-let agreement for the Ipswich site is in place for a new 26,500 sq ft Waitrose store and a 43,000 sq ft John Lewis shop.

'This is a multi-million regeneration project on brownfield land that will involve significant demolition and decontamination and will result in a rejuvenated landscape with new infrastructure and open spaces,' said managing director, Paul Isaacs. 'This is the first venture of what we hope will be many regeneration ventures for AquiGen.'

AquiGen was advised by Freedmans Law and Coke Gearing and DLA Piper and CBRE acted for the sellers.

Generator Group, established in 2006 by Paul Isaacs, is a specialist property group that provides solutions to a wide range of development, investment and partnership opportunities.

Aquila House Holdings was founded in 2001 by Tony Chambers and is a property development and investment company with an investment portfolio worth over £150 mln.