Former TK Maxx building could be sold to pave way for landmark development at gateway to Peterborough city centre
A landmark retail store in Peterborough could be sold under plans to transform a gateway to the city’s shopping centre.
Plans have been drawn up to market and sell the former TK Maxx and New Look building in Bridge Street in a move that is hoped will revitalise the area.
The plans to market and sell the former TK Maxx and New Look building have been drawn up by Peterborough City Council for a decision to be made by members of the ruling Cabinet on July 15.
If the move is approved, a marketing exercise to sell the unit at 62-68 Bridge Street will begin soon afterwards and conclude in the autumn.
Uses that will be high on the list for consideration will be a mixed residential and commercial development.
It is hoped a buyer for the premises, which with its huge brick walls has long been considered an eyesore, will create an iconic new building for the site which is on the corner of Bridge Street and Bourges Boulevard.
Plans have previously been proposed to convert the building into a conference and banqueting venue with a sky bar. Although plans were never submitted it is understood the developer is still interested in the site.
The council has also warned that if it cannot secure the right design from private developers for the premises that it would look at alternative ways to ensure the development is of a high calibre.
It is thought that any future development might tie in with the Station Quarter regeneration or become a link to the nearby ARU Peterborough.
Councillor Nick Thulbourn, the council’s Cabinet member for Growth and Regeneration, said: “The former TK Maxx and New Look site forms a significant gateway into our city centre.
"For those reasons it is an important site and one we must get right, to breathe new life into this part of our city centre and enhance the overall experience for people.
"Although we are inviting all offers, selling as a mixed-use scheme of residential and commercial will help achieve our housing targets, offering good quality accommodation in the heart of our city centre, and increasing footfall along Bridge Street.
He said: “Through the marketing exercise we are looking to attract the right buyer who can offer a scheme which can bring vitality and diversity to our city centre and help improve the appearance of this site.”
The TK Maxx and New Look building was originally purchased by the council in August 2020 using £4.1 million of Towns Fund grant funding.
The plan was to use the site to develop a new community hub, known as The Vine, offering an enhanced library, learning and cultural offering as well as a commercial offer.
But the council says costs to provide such a facility at this one location have exceeded the budget available, due to challenging market conditions.
This includes a library, learning and cultural offer at Central Library, a food and drinks hall at The Goods Shed in Fletton Quays, and a business start-up incubator at Peterscourt.