IN PICTURES: Hidden arcade could point the way for transformation of Peterborough's Hereward Cross Shopping Centre

A hidden arcade entrance could be the focus for a multi-million pound revamp of Peterborough’s Hereward Cross Shopping Centre.

The entrance to the 1960s-built centre provides access from Midgate but has been boarded up and left unused for years.

Now, the new owners, Guernsey-registered HPC Investments, have flagged up the ‘forgotten’ entrance as a chance to open up the 20,000 square feet former Wilko store, which closed last year, and revitalise the centre.

Will Elphinstone, director of Tydus Peterborough which is marketing the centre with Savills, said: “The former entrance has not been used for some time. It’s been hidden away and almost forgotten.

"The owners have spotted it as a potential way to introduce more footfall and allow the building to be turned into smaller units.”

HP Investments have bought both the freehold of the centre and its so-called head lease giving it total control of the building, which fronts the Broadway.

The centre occupies 76,896 square feet of retail space across 12 units and includes Poundland among its tenants. BG Mini Market is to open soon the former William Hill unit.

Mr Elphinstone said: “An asset like this might be a challenge to many but the new owners are good at what they do and are well financed and will maximise its potential.

"We have access to the centre from Broadway, Midgate and Cattle Market – it’s a versatile building and they are excited at the possibilities.

“We have interest from people looking to use the whole building and then as many as six or seven for small splits for retail, leisure, restaurants, medical and office uses.

“I think we can create the right space and it’ll make this part of the city very exciting.

"There are 315 flats nearing completion in Northminster and it would be lovely for residents to have amenities and something thriving.

“I think it’s an important part of the town that needs attention and could really be exciting.”

Edward Gee, director of Savills, said: “We are already seeing a high level of interest in the unit on a split basis, plus we are speaking to a couple of parties who might want to occupy all of it as a single unit.

"We don’t expect it to be sat empty for too long.”