Retail investment in Bedford changes hands
A retail investment property in Bedford has been sold by FMX Urban Property Advisers on behalf of a private investor client to a private purchaser.
The freehold property – located at 18-32 Midland Road in Bedford town centre – was sold for an undisclosed fee, but had previously been marketed with a price tag of £755,000, reflecting a net initial yield of 10.0%.
The asset extends to 29,948 sq ft and is fully let to New Look until July 2029. It produces a rental income of £80,000 per annum.
Nearby retailers in the immediate vicinity include Primark, JD, Deichmann, Waterstones, Moss Bros, Tesco Express, and Holland & Barrett.
Also fronting Midland Road is The Harpur Centre, a 230,000 sq ft convenience-led shopping scheme which underwent a £5m refurbishment in 2020. The centre is anchored by Primark, Tesco and Boots.
Bedford is the county town and administrative centre of Bedfordshire and is situated approximately 15 miles north east of Milton Keynes, 31 miles west of Cambridge, and 50 miles north of London.
The town has secured £22.6m through the government’s Towns Fund, with a significant share directed towards the regeneration of Midland Road. Planned works include extensive public realm improvements, upgrades to pedestrian and cycle connectivity, and enhancements designed to strengthen the retail and leisure environment.