Former base of Peterborough’s Central Post Office is sold as part of multi-million pound property deal
The former home of Peterborough’s Central Post Office has been sold as part of a major property deal.
The one time premises of the Central Post Office, in Cowgate, plus a range of adjoining units has just been sold to an investor for an undisclosed sum.
The other properties, which run from 14-30 Cowgate, include a mix of retail units with offices above, further detached and semi-detached office properties and a clinic premises.
The property had been marketed with a guide price in excess of £2.2 million.
Details of the buyer and the price paid for the buildings has not been revealed.
Now work is under way on behalf of the new owner to seek a leaseholder for the former Central Post Office.
The parade of properties had been under the same ownership for several decades and was marketed by commercial agents BTG Eddisons as a multi-let investment opportunity.
While 14-30 Cowgate is within the city’s conservation area none of the properties have Listed status
Sole agents, Peterborough-based BTG Eddisons’ Julian Welch, who led the sale, said: “The level of interest reflected its status as a rarely available investment opportunity and reflected the potential for its partial redevelopment, subject to relevant permissions.
"It was always going to be a solid investment opportunity for the right investors.
"In acting for our client, the owner, in the transaction, the final deal reconciled the parade of properties’ value in the current market with that of the long term opportunity.”
BTG Eddison has also been appointed as the sole agent instructed to market the letting of the former post office premises on 28-30 Cowgate..
Cowgate is in the central commercial district of Peterborough’s historic city centre and is one of the main routes with vehicle access leading to the pedestrianised Cathedral Square area and Bridge Street thoroughfare.
The building has been empty for about 10 years after the Post Office moved into Bridge Street.
Cowgate will soon benefit from the construction of the new City Link pedestrian and cycle route linking the street to Peterborough train station. The works are part of the £65 million Station Quarter regeneration plans.