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A multi-million pound venture to create a conference and banqueting centre in Peterborough could be about to take a significant step forward.

Councillors are to be asked to allow council officers to start procedures to sell the former TK Maxx and New Look store at 62 to 68 Bridge Street.

It is understood a developer is keen to purchase the building and convert it into a multi-storey conference and banqueting centre with rooftop restaurants and apartments.

This image shows how a proposed conference and banqueting centre could appear following the sale of the former TK Maxx building in Bridge Street, Peterborough.

The building on the corner of Bridge Street and Bourges Boulevard, had been earmarked as the home of a £13 million The Vine community and cultural centre.

But councillors at a meeting of Peterborough City Council’s ruling Cabinet on July 10 will be told refurbishing the building to develop the Vine project in the current ‘challenging market conditions’ will no longer be economically viable.

They will also be told the building had been acquired by the council using grant finance from the Towns Fund and that money must be recovered and redistributed to projects in the Towns Fund programme.

According to details held by the Land Registry, the property was bought for £3,975,000 by the council on December 15, 2020 from Picton UK Real Estate Trust, based in Guernsey.

The former TK Maxx store in Bridge Street/Bourges Boulevard, Peterborough. City councillors will be asked to approve the sale of the empty building as it is no longer economically viable to refurbish it.

The report to councillors warns: “The acquisition costs for the building were significant and the ongoing costs are a liability for the wider Towns Fund programme.

"This presents a risk to the delivery of other projects that could benefit the community.”

An early image of the proposed new building shows the intention is to make it at least 10 storeys high with a rooftop terrace, restaurants and bar plus an unknown number of apartments.

Councillor Wayne Fitzgerald, the council leader, has previously said: “If all goes to plan this building will be replaced with a new landmark property that will do wonders for traders in the lower end of Bridge Street and revitalise this area of the city for all to enjoy.”

It has already been agreed to split The Vine project in two with a community section being housed in a refurbished Central Library and a food and drinks cultural hub being created at the Victorian railway shed at Fletton Quays.

Plans to transform Peterborough's former TK Maxx building into landmark conference and banqueting centre to move forward