Hampton-based firm Progressive Property Assets Limited has received planning permission from Peterborough City Council to build an extension above the former discount retailer to be used as 39 en-suite apartments with shared facilities including a lounge, cinema and roof-top terrace with outdoor gym equipment.
The bottom floor will be kept for retail use.
The plans mirror those previously approved for the former Fifth Avenue nightclub in Laxton Square, near the city market, which sees residents pay a single fee which covers all utility costs and cleaning services, as well as rent.
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All tenants will have to be either in employment or full-time students, with the developers acknowledging they are targeting the cohort who will attend the new Peterborough university which is due to open next year.
The plans submitted on behalf of Progressive by Simon Machen, the council’s former corporate director of growth and regeneration, had met opposition from nearby music venue The Met Lounge which is concerned that tenants will complain about the noise.
Poundland closed in November 2018 after the discount retailer was served notice by its landlord, with the building currently vacant.
A planning statement submitted as part of the application stated: “This application will bring it back into active use, including its upper floors, creating new residential accommodation within the city centre as promoted by both national and local plan policy, helping to protect and enhance its vitality and viability.
“As a co-living scheme it will also help to broaden the type and tenure of residential accommodation available within the city, thereby meeting housing need.
“The principle of co-living in the city centre has been previously accepted by the council.”
The scheme will see space for 20 bicycles on the ground floor which will be made available through a booking system, the application added.