Developer behind £22million development of former Beales store in Peterborough explains decision to sell

The developer behind a £22 million apartments plan for an historic Peterborough building has explained the decision to sell the premises.

Panther (VAT) Properties have chosen to put the former Beales department store buildings in Westgate on the market for an asking price of £5 million.

The move comes just eight months after the company won a 17-month-long battle to secure planning approval to use the site to create 215 apartments and a number of commercial units

But Jack Bispham, joint head of property for Panther, said the company would find the proposed development awkward to carry out on its own and support was likely to be needed.

He said: “We have been exploring our options since obtaining the planning consent.

"The scope of this development would be tricky for us to complete independently and so we are putting it to market to explore options even further.

Mr Bispham added: "This could be through an outright sale or potentially through a joint venture partnership.”

The four storey property, which occupies a prominent corner on the north side of Westgate with a retail front to Park Road and North Street, was built in the mid 1880s and has undergone some alterations over 40 years.

The planning permission allows for the conversion of the Park Road building to provide a café, flexible workspace/commercial units and 49 apartments, while the warehouse building has approval for partial conversion and partial redevelopment to provide 12 apartments.

The Westgate building could be demolished with two retail units on the Westgate frontage and 36 apartments being constructed and the central building could also be demolished and 28 apartments built.

Part of the planning approval was that Panther (VAT) Properties should pay a total of £198,817.66 to the council under a Section 106 agreement for a variety of measures ranging from health provision to open space contributions and the installation of two electric vehicle charging points.

Mr Bispham said: “The section 106 monies are not payable until prior to commencement of the development.”

The building is being marketed by Peterborough-based Savills.