The Mitre stood on the corner of Tavern St and Dial Lane. A December 2016 article in the EADT identifies its location as "on the west" side of Dial Lane.

The 1903-1961 Ipswich licensing record shows the Mitre as standing in "Old Buttermarket" (an alternative name for Dial Lane, or perhaps the area?) It ceased trading as a pub in 1958, after which it operated only as an off-license. Confusingly, there was also another Mitre pub at the same time, in St Helen's Street.

Beside the houses already mentioned, one of the most important and extensive, was that known as the " Mitre," standing at comer of Dial Lane. Its position, in what may be termed an ecclesiastical neighbourhood, sufficiently accounts for its name, which in some cases is not so very evident as in this. Special interest is attached to the house by reason of its having formed part of an ancient ecclesiastical edifice, remains of which were discovered below the street level in the year 1846, and again brought to light during the past year in the course of extensive alterations. A drawing of these " remnants of antiquity, which had escaped the shipwreck of time," was made soon after the former discovery, and is preserved among that part of the Fitch Collection, which is to be found in the library of our Suffolk Institute of Archaeology, at Bury St. Edmund's, and is there called the " Chapel of St. Mary Magdalene :" I am unable to say what authority there is for this name. The remains are best described as two subterranean chambers, one of which lay beneath Tavern Street proper, and the other in Dial Lane, a third chamber further down the lane, communicated with the latter by an early English doorway, but this can only be described as an uninteresting vault. The communication was probably continuous, and most likely led to the premises of the Carmelites or White Friars, which occupied a portion of the Old Butter Market. A second doorway of similar character, but of larger dimensions, in all probability communicated with St. Lawrence Church. The roof of the chamber nearest Tavern street was groined, and an opening in the wall on the North side, presented the appearance of a piscina or water stoup. A greater part of this underground structure had apparently been utilized by the former occupiers of the Mitre Tavern, and a number of broad vaulted arches of massive brick work, some feet thick, were evidently put together with mortar such as would have been used two centuries or so back.Proceedings of the Suffolk Institute of Archaeology and Natural History, 1888