Trio of deals as investors snap up retail and office units
April 19, 2023
A purpose-built parade of seven retail units and offices in Bedfordshire has been sold to investors in a trio of deals.
A local developer has acquired the freehold of five units at Allhallows, in Bedford town centre. There are plans to convert the upper floors of units 48 (Allhallows), 50, 52, 54 and 56 (St Loyes Street) into apartments and retain the ground floors to lease as individual retail units.
Units 42 and 44 Allhallows have been acquired by two private investors, said Nathan George, associate at Kirkby Diamond and head of office in Bedford. All the units range in size from 1,175 sq ft to 1,646 sq ft.
The seven properties, sold for undisclosed sums, form part of a purpose-built three-storey parade of retail/office units with allocated parking to the rear. Each unit provides a combination of open plan office/retail space, meeting rooms, private offices, kitchen and toilet facilities.
They offer the potential for development subject to planning, including retention of the ground floor for continued commercial use and conversion of the upper floors to residential accommodation.
Nathan said: “These seven properties proved to be extremely popular with investors and we were inundated with enquiries, demonstrating that there is still significant interest in retail and office units in Bedford town centre despite the challenging economic circumstances.
“They provide an excellent opportunity for further development, subject to planning consent, and we anticipate that several will be converted into residential accommodation on the upper floors, while retaining commercial use on the ground floor.”