Demolition of Peterborough's eyesore TK Maxx could start in New Year
The demolition of the former TK Maxx store in Peterborough is expected to get under way early next year.
Business people were told that work to take down the eyesore four storey building on the corner of Bridge Street and Bourges Boulevard, was understood to be scheduled for January.
The building, which was bought by Peterborough City Council for about £4 million six years ago was sold to developers MJS Construction for about £2 million earlier this year.
The sale of the building was announcing in March last year by council leader Cllr Shabina Qayyum.
She said the intention was for the existing building to be demolished and replaced with a two storey building to provide commercial units and accommodation.while the surrounding area will be landscaped.
"Subject to planning approval this building is going to be completely demolished.
"It will showcase retail on the lower floor and with accommodation on the top floor and landscaped areas so that it actually joins in with our city centre street scene.
"What is going to be wonderful; is that when this eyesore of a wall comes down you will see the whole of the surrounding area just have a new regenerated look to it."
MJS Construction, which has carried out the revamp of the Guild House, in Oundle Road, and is carrying out the development of the former Whitworth Mill site at Fletton Quays, has been approached for a response.
How did the council become owner of this former store?
The building at 62 to 68 Bridge Street has previously been occupied by Woolworths as well as TK Maxx and New Look but Peterborough City Council bought it in 2020 for £4,164,346, a price that included fees.
According to details held by the Land Registry, the former TK Maxx building was bought for £3,975,000 by the council on December 15, 2020 from Picton UK Real Estate Trust, based in Guernsey.
It had been bought to be transformed into The Vine cultural and community hub.
The project was abandoned when it was realised that repurposing the former TK Maxx building would be too expensive for the local authority.
Instead in 2023 the council opted to sell the building and at one stage former council leader Councillor Wayne Fitzgerald announced there was interest from a buyer who wanted to turn it into a conferencing and banqueting centre.
There was to have been a rooftop terrace, restaurants and bar plus an unknown number of apartments.
But in July last year councillors agreed the building should be put on the open market and sold.
A report to the council’s ruling cabinet last October stated that its agents recommended it should proceed with selling to a special purchase vehicle of MJS Investments (March) Ltd as this offered the best price, funding, track record, timescales, conditions and proposed use.