£1 price tag on Debenhams Sell-off

A cross-party group of councillors has “called in” the decision from the Mayor and his Cabinet to agree to sell off the Debenhams building for as little as £1.

Henry Vann, Liberal Democrat Group Leader said: “It is beyond belief that the Mayor is willing to dispose of a building that cost £1.8m to buy, for just £1. Not one million pounds - one pound. This decision needs serious investigation by a council scrutiny committee.”

“Rushing through half-baked plans to redevelop this area that includes Debenhams, Beales and the Library and the Corn Exchange isn't good enough. We want to see good quality redevelopment that brings life back to this important area. But the Mayor’s proposal sees the council giving up the property it owns for next to nothing and in return there isn’t even a complete redevelopment scheme planned. With future phases left hanging. This is the worst of all worlds.

“Everyone in Bedford Borough will want to see a proper, complete and exciting redevelopment - as well as a good return for the property bought with taxpayers’ money. That’s not too much to ask.”

Notes: Full text of the call-in:

In accordance with OSC13 we call-in Executive Committee Decision “MAYES YARD, BEDFORD: PREFERRED DEVELOPER AND DEVELOPMENT AGREEMENT” (item 11 on 15/7/26) for the following reasons:

1) The willingness to sell costly council buildings, such as the former Debenhams building, for £1.
2) The lack of a comprehensive plan for the area, beyond the disposal of council buildings.
3) The risk that this will lead to no development beyond that initial phase.
4) The developers have limited experience of the Bedford market.
5) The procurement has cost almost £400,000 more than planned.
6) The risk of council default has been grossly underestimated, given the financial crisis, the possibility of government commissioners and the uncertain outcome of the elections in 2027.