Sovereign Centros has signed Bedford College to take a 40,000 sq ft former office block in Corby, Northamptonshire.
Sovereign Centros, which is asset manager for the 738,000 sq ft Corby Town Centre, leased the building to the college for 25 years at an initial rent of £250,000 pa. The building had been vacant for more than 10 years.
Bedford College will now invest £20m in the asset to create a carbon-neutral educational facility which will act as a base for 600 students plus staff.
Simon Phipps, senior asset and development managers at Sovereign Centros, said: “This deal will breathe new life into a former office building situated in the heart of the town centre. It is a critical component in the future regeneration and diversification of mix within Corby Town Centre that will undoubtedly increase town centre footfall, boost the local economy and provide employment opportunities for many Corby town centre businesses.”
The project forms an integral part of Corby’s Town Investment Plan, which secured £9.5m of government grant funding to be used by the college to develop a new education facility.
Magnetar Capital and Northdale Advisors acquired Corby Town Centre in November 2022 as part of their wider UK town centre retail investment strategy.
To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews
