£6.2m to buy council offices

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Bayard place ''exterior ENGEMN00120130115161935
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Any investor with £6.2 million to spare can now purchase Peterborough’s Bayard Place offices in the heart of the city centre.

The city council has put the large building up or sale with staff set to move to new offices at the landmark Fletton Quays development in July this year.

However, anyone seeking to take on the freehold of Bayard Place in Broadway will be required to lease the offices back to the council for 12 months at a rent of £493,000.

Investors are also being given the option to lease the entire building instead of buying it, or on a floor by floor basis.

Bayard Place is currently used by the council for services such as housing.

A website advertising the site’s availability states: “Bayard Place presents one of the few remaining opportunities to acquire a large detached freehold office building in the heart of Peterborough city centre.

“Whilst currently an office building, it is envisaged that the property might be suitable for a variety of other uses including as residential, hotel or educational uses subject to planning consent being obtained.”

The website adds: “Located in the heart of Peterborough city centre, Bayard Place is a detached landmark office building providing 61,634 sq ft (5,723.80 sq m) of accommodation over ground and four upper floors, together with an underground car park for 129 vehicles.”

The council gave the go-ahead in March 2016 to relocate its staff from Bayard Place and the Town Hall in Bridge Street to Fletton Quays, helping to kickstart the site’s wider £120 million redevelopment that includes a hotel and more than 350 apartments.

At the time the authority said the arrangement would generate an additional income of £7.6 million due to leasing Bayard Place and non-civic areas of the Town Hall, which will soon be the new home of Peterborough Jobcentre.

Viewings of Bayard Place are being organised by Barker Storey Matthews. For more details visit: http://www.bayardplace.co.uk/.