Sovereign Centros has leased a 40,000 sq ft former office building in Corby Town Centre to Bedford College.
The 738,000 sq ft town centre site was acquired by Magnetar Capital and Northdale Advisors in November 2022 and asset manager Sovereign Centros has agreed a 25-year certain term lease on the building, which has been vacant for more than 10 years, at an annual rent of £250,000.
The college intends to 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 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 £9.5m of government grant funding to be used by the college to develop a new education facility.”
