Peterborough City Council 'will make a profit' on sale of £3.9 million landmark building, vows council leader

Investor plans conference and banquet centre for former stores
Paul Grinnell
By Paul Grinnell
Published 12th May 2023, 05:00 BST
Updated 12th May 2023, 07:23 BST
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A leading Peterborough City councillor has vowed that the sale of a prominent building for a conferencing and banqueting centre will make a profit for the local authority.

Conservative Councillor Wayne Fitzgerald, who is leader of the largest political group on the council after last week’s local elections, said negotiations with a private investor seeking to buy the former Woolworths and TK Maxx and New Look buildings at 62 to 68 Bridge Street were at an advanced stage.

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He said: “We are negotiating heads of terms and I expect an agreement to be finalised soon.

This image gives an early idea how the proposed landmark to replace the former TK Maxx building could appear.This image gives an early idea how the proposed landmark to replace the former TK Maxx building could appear.
This image gives an early idea how the proposed landmark to replace the former TK Maxx building could appear.

"The council will make a profit from this sale and it is possible a planning application could be submitted in a year and we might see spades in the ground in two years.”

Details held by the Land Registry show that 62 to 68 Bridge Street was bought for £3,975,000 by the city council on December 15, 2020 from Picton UK Real Estate Trust, based in Guernsey.

Cllr Fitzgerald has previously said that the initial vision for the five-storey eyesore building is a conference and banqueting centre with a rooftop terrace, restaurants and bar plus an unknown number of apartments.

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An early image suggests the new look building could be at least twice its current height.

The former TK Maxx store on the corner of Bourges Boulevard and Bridge Street, Peterborough. The £3.9 million plus building has been owned by Peterborough City Council for more than two years.The former TK Maxx store on the corner of Bourges Boulevard and Bridge Street, Peterborough. The £3.9 million plus building has been owned by Peterborough City Council for more than two years.
The former TK Maxx store on the corner of Bourges Boulevard and Bridge Street, Peterborough. The £3.9 million plus building has been owned by Peterborough City Council for more than two years.

The name of the prospective buyer has not been revealed.

But Cllr Fitzgerald said: “There is no shortage of national and international investors seeking to do business in Peterborough.

"Companies are queuing up to come and do business in this city.”

The Bridge Street building had been earmarked for The Vine community and culture hub – one of eight Peterborough Towns Fund projects and had secured £13 million of Government money.

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Peterborough City Council's Conservative group leader, Councillor Wayne Fitzgerald.Peterborough City Council's Conservative group leader, Councillor Wayne Fitzgerald.
Peterborough City Council's Conservative group leader, Councillor Wayne Fitzgerald.

But the arrival of the prospective buyer has persuaded the Towns Fund board to change its plans and split The Vine across two different locations.

Cllr Fitzgerald said it was a ‘win-win’ situation.

"We can still deliver The Vine across two sites and we could get a derelict city centre building completely refurbished and turned into something special by private investors."

Related topics:Wayne FitzgeraldPeterborough City CouncilNew LookTK MaxxWoolworths