Work has started on one of the largest multi-let industrial redevelopments seen in Peterborough.
The multi million pound project involves converting the former Thomas Cook offices, in Coningsby Park, Bretton, into 36 various sized industrial units.
The move has been welcomed by commercial agents who have been warning for some time that Peterborough faces a desperate shortage of such premises for companies looking to expand or move into the city.
The redevelopment comes just weeks after South Africa based investment company Stenprop announced it had bought the site as part of a £13.5 million investment that included the Venture Park, in Stirling Way, Bretton.
Edward Gee, associate director with Savills in Peterborough, said: “This is one of the largest multi-let industrial redevelopments in Peterborough for some time.
“And we already have an offer for one 10,000ft sq unit from a Peterborough firm looking to expand.
He said: “There remains a significant lack of industrial stock across the city, so Stenprop’s decision to refurbish this scheme is likely to generate significant interest from potential occupiers.”
He said interest could come from warehouse, workshop and leisure companies.
It is known that a go-karting leisure company is looking for premises in Peterborough.
Stenprop plans to return the offices to industrial and warehouse units ranging in size from 2,974 sq ft to 100,000 sq ft.
It has appointed Savills and Barker Storey Matthews to market the units.