Henry Godsal, head of investment strategy and asset management for Savills Cambridge, considers the wider implications of Universal’s giant theme park, proposed for Bedford.

There was much excitement when Universal Studios confirmed plans for its first European theme park in Bedford, to be known as Universal Studios Great Britain.

Set to open in 2031, it promises to transform the region, delivering substantial economic, social, and cultural benefits. The multibillion-pound project will be built on a 476-acre site to the south of Bedford which was formerly the Kempston Hardwick brickworks, with the potential to expand to 700 acres.

Of course, there will be some disruption while the project and its associated works are completed, but it is expected to attract millions of visitors annually, create thousands of jobs, and boost infrastructure.

Therefore, unsurprisingly, when Universal conducted public consultation in 2024 it showed 92 per cent local support, including the mayor and council giving the plans a very warm welcome.

It also helps to put Bedford firmly on the map, which gives a useful shot in the arm for the government’s planned Oxford – Cambridge Growth Corridor, shifting the focus from the large-scale growth plans for Oxford and Cambridge themselves.

East West Rail phase one between Oxford and Milton Keynes is anticipated to be operational later this year, and expect to see renewed enthusiasm for the next phases to include Bedford and then on to Cambridge.

The wider impact for property owners around Bedford

There will undoubtedly be demand for industrial space to support the development of the theme park.

Bedford is already a recognised distribution location due to its proximity to the M1 with prime rents of circa £13 per sq ft in Bedford and £15 per sq ft in nearby Milton Keynes.

This is shown by the strong levels of interest reported to be chasing Goodman’s sale of their prime distribution park, Bedford Commercial Park.

We expect to see continued growth in Bedford’s prime industrial rents, not only from potential suppliers to the new theme park but also from the increased influence and awareness around the Oxford – Cambridge Growth Corridor.

In addition to the impetus that the proposed development will have to East West Rail, Universal have committed to an upgrade of the train line and station in the new town of Wixams to the south of Bedford and adjacent to the proposed theme park.

Improvements to the A421 and to central Bedford train station have also been committed to, supporting tourists and daily commuters long after the park opens.

On housing, the Government has committed to 1.5 million new homes in this Parliament and whilst the new plans raise awareness of Bedfordshire, the planned infrastructure improvements and economic benefits will make this a key area for continued housing development.

Construction of the new town of Wixams started in 2007 and plans for further phases will make sense and grow in popularity.

A major tourist attraction will also mean the need for more travel accommodation. Whilst the Universal plans include a 500-bed hotel there will be a wider need across the region to support the anticipated 8.5 million annual visitors to the park.

Local educational institutions like Kimberley College, Bedford College, and Cranfield University, will also receive a boost with plans by Universal to partner up to offer training programs, apprenticeships, and internships to equip young people and workers with skills for long-term careers. Universal notes that 50 per cent of its resort management staff globally began as hourly workers.

While Bedford sits in the centre of the Oxford – Cambridge Growth Corridor benefitting from knowledge based industries growth, including technology, science and innovation, the new dimension added by Universal Studios and the associated development makes it an exciting time for property owners in Bedford.

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