Peterborough's former Beales store is sold to investor in £4 million deal
Identity of new owner has not been revealed
The iconic Beales department store in Peterborough city centre has just been sold for £4 million, it has been announced.
The historic building in Westgate, which went on the market in January last year, has been sold to a private investor.
The identity of the new owner has not been revealed.
The previous owners, Panther (VAT) Properties Ltd, announced it was selling the building shortly after securing planning approval from Peterborough City Council for a £22 million development of the site.
The plans involve the construction of 125 residential units and 9,106 sq ft of commercial/retail space.
Peterborough-based property specialists Savills, acting on behalf of Panther (VAT) Properties Limited, oversaw the completion of the sale of the former Beales store.
.Edward Gee in the Commercial Agency team at Savills Peterborough, said: “This is an exciting sale for Peterborough as the prominent former Beales site is set for redevelopment which is much needed.
"We look forward to seeing the plans progress adding to the vibrancy within Peterborough city centre.”
The city centre property extends to about 151,356 sq ft over 1.5 acres.
It occupies a prominent corner location on the north side of Westgate opposite the Queensgate shopping centre.
It took Panther (VAT) Properties Ltd 17 months to secure planning approval for the development of the building.
But after placing the building on the market with a £5 million price tag, Jack Bispham, joint head of property for Panther, told the Peterborough Telegraph that the company would find the proposed development awkward to carry out on its own and support was likely to be needed.
At the time he said: “We have been exploring our options since obtaining the planning consent.
"The scope of this development would be tricky for us to complete independently and so we are putting it to market to explore options even further.”
The building has twice been used by Beales.
The department chain operated from two floors of the Westgate premises for nine years before the national retailer’s collapse into administration in 2020.
The business was revived and moved back into the building for two years until the store was closed in January 2023 after a dispute over business rates.