Disappointment as Costa drops plans for new coffee shop in Peterborough city centre
Coffee giant Costa has dropped plans to open a new outlet in Peterborough city centre.
Costa has withdrawn its planning application to open a new coffee shop at 61 Bridge Street, opposite the former T Maxx store.
The company has not commented on why it has dropped its planning application lodged with Peterborough City Council, but the move comes as the coffee giant’s owner, US-based Coca-Cola, announced moves to sell the drinks chain.
Costa, which currently has 10 outlets across Peterborough, had claimed its use of the premises would ensure the ‘vitality and viability of the town centre, bringing a vacant unit back into active use and providing employment opportunities.’
The unit has previously been a Poundland store and three years ago planning approval was given to City College Peterborough to use it as a T-Level teaching hub.
Pep Cipriano, chief operating officer for Peterborough Positive, which operates the city’s Business Improvement District, said: “It is disappointing news but it is a decision we can’t control.”
Costa’s decision leaves a large amount of vacant space at the lower end of Bridge Street following the closure of the nearby clothing retailer Peacocks on August 2 this year
The ground floor at 61 Bridge Street was recently marketed by Tydus Real Estate with an annual rent of £40,000 and annual rates of £14,000.
Mr Cipriano said: “It will leave a large empty space in Bridge Street but I am sure there will be lots of interest around.
"They are two large spaces with lots of potential and I feel that some of the big brands will be interested.
He added: "There is a lot going on in Bridge Street and it is an attractive location for retailers or hospitality outlets.
"I am confident that they will be taken up in due course.”
Mr Cipriano rejected suggestions there might be too many coffee outlets in the city centre.
He said: “I feel coffee shops encourage people to meet up and socialise and are good for people’s sense of wellbeing.”
Costa, which was founded in London in 1971, has been approached for a response.