Bedford’s historic Arcade dubbed the town's 'Crystal Palace' to be sold at auction
Bedford’s historic Arcade shopping centre is to be sold at auction with a price guide of £2.5million.
The freehold of the Arcade shopping centre in the High Street will go under the hammer at the upcoming Acuitus commercial property auction on March 26.
The 33,868 sq ft Arcade is home to 44 retail and commercial offices units and currently produces £368,000 in annual rental income – though seven units are currently vacant.
The Arcade, linking the High Street with Harpur Street, opened in 1905, with one of its long-term tenants, vintage sweet shop Arcadia, serving loyal customers for just about as long as the arcade has existed.
At its opening the Bedfordshire Mercury dubbed it Bedford’s “Crystal Palace,” with the newspaper claiming the arcade was “one of the finest covered business places in the country,” on a site which used to have just market gardens on it; “The Arcade has come to stay, to be a success, and to be an additional attraction to this beautiful town of Bedford.”
Over the years, the arcade has undergone various transformations, with modern additions like a glass ceiling and featuring a mix of architectural styles. The arcade's commitment to preserving its historical charm while adapting to the changing retail landscape has made it a popular destination for locals and visitors alike boasting a number of independent shops, florist, craft and fashion stores as well as hairstylists, health food shop and opticians, to name a few.
John Mehtab, spokesperson for Acuitus said: “The auction process is a valuable tool for asset owners, especially of shopping centres, to find the market price for their property and market to a wide array of commercial property investors who regularly buy from our auction catalogues.
“As a firm, Acuitus have helped support sellers and successfully sold numerous shopping centre assets across the UK over the past 15 years, and we are looking forward to offering the Arcade at our auction next month.”
The Acuitus auction will take place on at 1pm and and be broadcast via livestream on the Acuitus website with bidding online, by telephone and by proxy.