Report reveals £2.2m price tag of Bedford Debenhams - still empty 2 years after being bought by council

And the total costs rise to £2.2 million, once tax, fees and “essential” works are included.

The report said offers for the site – which a report in September revealed was costing the council £450k a year – were invited in the “region of £3,000,000 exclusive of Value Added Tax”.

Mayor Tom Wootton signed off the decision to acquire the High Street site on December 20, 2023, but the decision notice and report (1714) was not published at the time on the grounds it contained “commercially sensitive” information.

However, it has now been released to the Local Democracy Reporting Service (LDRS) following a request for access under local government transparency rules.

The council said the information is no longer sensitive.

As well as the expected £2.2 million cost, the documents also show:

>The council anticipated holding costs estimated at up to £130,000 a year, with potential to reduce costs through lettings, while longer-term redevelopment plans are prepared

>There is no guarantee a fully successful development will ever be achieved

>The purchase of the site was only ever expected to support the long-term regeneration of the town centre

>The building could fall in value before any redevelopment even happens

The report acknowledged the risks involved in the purchase, stating: “All commercial investments, and commercially based developments, involve risk and, at each stage of the process, the commitments made will be at risk as there can be no guarantee that a fully successful development will be achieved.”

The business case confirms the project was not classed as an “invest to save” scheme, meaning it was not expected to generate direct financial savings.

Instead, the council said the acquisition was intended to support the long-term regeneration of Bedford town centre, including the potential redevelopment of the Mayes Yard area and improvements to nearby cultural facilities such as the Corn Exchange and library.

The report also highlights wider risks, including potential delays, changing market conditions and the possibility that the building could fall in value before redevelopment is delivered.

The report said acquiring the site would reduce the risk that fragmented ownership could undermine wider regeneration plans.

The former Debenhams building has been vacant since the retailer collapsed in 2020 and occupies a prominent site in Bedford town centre.

In February 2025 concerns were raised at a council meeting that ‘nothing appeared to be happening’ with the site.

Speaking at the time Cllr Lucy Bywater (Green, Castle and Newnham) said: “It looks very shabby from the outside, it’s such a key area, and for it to look an eyesore is dragging the town centre down.”

The portfolio holder for economic growth, planning and prosperity, Cllr Andrea Spice responded: “There is work going on even if it doesn’t seem apparent.”

She added that council officers were aware of the urgency for the building to be reopened.

“However, we have to do it right,” she said. “We are aware that it has to be the right thing. Please be patient but know that I am working hard on it.”