Commercial property investors Millfield Estates acquires Grade II listed The Old Library building in Bury St Edmunds

Commercial property specialists Millfield Estates has acquired an iconic Grade II listed building in Bury St Edmunds at a price in excess of £1.75m, taking its total portfolio across the UK to 17 properties.

Taking on a 164 year lease of the 10,091 sq ft The Old Library, Millfield Estates will have full ownership of the three shop units at the attractive flagship multi-let site, featuring furniture specialists Sofas & Stuff, much-loved cafe Harriet’s Cafe and the Halifax as the long-term tenants.

Bury St Edmunds is an historic market town with an affluent and loyal retail catchment. Millfield Estates  decision to invest in the area reflects this status but is also in no small part due to total visitor spend increasing by 13.30% in the last five years and over £10m invested into the hotel sector in recent years.

The Vendor was  represented on this purchase by town centre property consultants GCW.

Paul Dobson, property director for Millfield Estates, commented: 

“Bury St Edmunds is a town with fantastic transport links to the South East and this has reflected in the growing influx of visitors to the area.

“This area has long been on our radar as one to seriously invest in, and as soon as we saw The Old Library come onto the market, it seemed like an excellent opportunity.

“We now look forward to working within the town and with our current tenants, in order to uphold the grandeur of this iconic Grade II listed building.”

With more than three generations contributing to the Millfield Estates legacy, the company has built a sustainable portfolio of industrial estates, trade counter developments, offices and prime retail units spread throughout the UK, with Manchester, Liverpool, Cheshire, London and St Albans just five of its key areas.

To find out more about the Bolton-based Millfield Estates, please visit the website www.millfieldestates.com