January 11, 2023
Sovereign Centros, acting as asset manager for the 738,000 sq ft Corby Town Centre, has leased a 40,000 sq ft former office building to Bedford College on a 25 year term certain lease at an initial rent of £250,000 pa. The building had been vacant for over 10 years. The College will invest £20 million in the asset to create a carbon neutral educational facility which will act as a base for 600 students plus staff.
Simon Phipps, Senior Leasing, Development and Asset Manager 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 that secured £9.5 million 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. Magnetar and Northdale also acquired One Stop, Perry Barr and Yate town Centre and Riverside Retail Park in 2022.
