Plans to buy Lloyds Bank building on Bedford High Street scrapped by council
Plans to buy the Lloyds Bank building on the High Street have been scrapped by Bedford Borough Council, citing financial pressures and ongoing uncertainty over the viability of a major town centre regeneration scheme.
The decision, signed off by Mayor Tom Wootton on August 14, and published today (August 15), reverses key parts of a December 2024 executive resolution that approved the £1.375m acquisition.
The building was earmarked for inclusion in the proposed Mayes Yard development, but progress in appointing a preferred development partner has been slow, and concerns remain over the project’s financial feasibility.
The council stressed that it remains “fully committed” to regenerating Bedford town centre and could still intervene in the property market in future to support the scheme.
Options could include negotiating a private sale or using compulsory purchase powers, a move the executive backed in principle last October.
Funding set aside for the purchase, stamp duty, legal fees, and essential maintenance (more than £1.56million) is now not required.
The decision will be implemented on August 26 unless called in for further scrutiny.