Tesco takes Bedford bar
A town-centre bar in Bedford has been sold to make way for a new Tesco store.
Acting on behalf of Advantage Licensed Retailer, Davis Coffer Lyons disposed of the 26-year free-of-tie lease to the supermarket giant for a £95,000 premium and at a £63,000 rent.
The Bedford Lounge is situated in the heart of the main drinking and eating circuit of Bedford town centre, close to other operators such as JD Wetherspoon, Pizza Express, Nandos, the Litten Tree and Chicago Rock Cafe.
The 6,500sq ft site will undergo an overhaul and re-open as a Tesco later in 2009.
Paul Tallentyre, head of DCL's pubs team, said: "This transaction highlights how change of use is a very important aspect to take into consideration for sellers as well as developers and investors in the current market to make for a successful disposal.
"Food retail brands are increasingly flexible in their approach and are now considering sites previously operating as pure bar and restaurant brands as this sale demonstrates, but we are also seeing successful conversions of pubs and bars to doctor's surgeries, dentists, banqueting halls and community and residential uses."
