Exclusive: Ambitious plans revealed to replace former TK Maxx store in Peterborough with conference and banqueting 'landmark' building

A multi-million pound project is being put together to build a landmark conference and banqueting centre in Peterborough, it has been revealed.

An early image of the proposed building shows it is at least 10 storeys high and will replace the former Woolworths/TK Maxx store on the corner of Bridge Street and Bourges Boulevard.

There will also be a rooftop terrace, restaurants and bar plus an unknown number of apartments.

It is understood a developer, which has not been named, has submitted an offer to Peterborough City Council for the building.

The former TK Maxx store is currently earmarked for a £12.7 million community and culture hub called The Vine. It is one of eight projects to be funded under the Government’s Towns Fund initiative and was planned to contain space for start-up businesses, meeting rooms, rehearsal studios, a learning resource centre and gallery space for artists and other food and retail related uses.

Council leader Councillor Wayne Fitzgerald said if the new project went ahead, most of The Vine facilities would occupy vacant space at the Central Library while food and retail could be transferred to Fletton Quays.

It is hoped that if plans to replace the former TK Maxx store with a new ‘landmark’ building do go ahead it would be a huge boost for traders in Bridge Street and revitalise the city centre.

News of the proposed development comes as the council reviews development sites across the city.

A possible site for new housing could be on the River Nene at Middlehome.