Plans for Bedford regeneration unveiled - commercial mortgages

10 January 2007

Investors with commercial mortgages may benefit from new plans submitted to the Bedford Borough Council for the regeneration of the Midland Square area.

The proposals, drawn up by St Mowden Properties, include the development of 385,000 sq ft of retail space as an extension to the existing shopping area, a 130 room hotel and a new bus station, Property Week reports.

Commenting on the plans, Shaun Field, chief executive of Bedford Borough Council, says that the proposals form the "final pieces" of the town centre regeneration programme.

"The plans for this scheme offer a great vision for how the area around the bus station will be transformed into a vibrant and exciting new location for shopping, living and entertainment," he remarks.

According to St Mowden, which signed the development agreement in late 2005, construction of the scheme is expected to begin in 2008.