Banqueting centre plan for building

Negotiations are continuing with a prospective buyer for the former TK Maxx and New Look building in the centre of Peterborough, it has been revealed.

Council officials have confirmed that the local authority is still in talks with a potential developer for the empty building on the corner of Bridge Street and Bourges Boulevard.

The assurance comes more than a year after it was first announced that a developer was interested in buying the former store to convert it into a conference and banqueting 'landmark' building.

This image shows how the proposed banqueting and conference centre in the former TK Maxx building in Bridge Street, Peterborough, might appear once completed.

placeholder image — This image shows how the proposed banqueting and conference centre in the former TK Maxx building in Bridge Street, Peterborough, might appear once completed.

And in July last year, councillors gave the go ahead for officers to start procedures to sell the premises at 62 to 68 Bridge Street.

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

Exclusive: Ambitious plans revealed to replace former TK Maxx store in Peterboro...

But the completion of the deal has still to be announced.

The former TK Maxx store on the corner of Bourges Boulevard and Bridge Street, Peterborough

A council spokesperson said: “We have a prospective buyer for TK Maxx.

"Once a sale has taken place we will confirm this.”

The council says that ‘commercial sensitivities’ around the talks means further details cannot be released.

The sale of the TK Maxx building is crucial to the success of the £13 million The Vine cultural and community hub project, which has been partially funded by money from the Government’s Towns Fund initiative.

The council bought the building in 2020 with the use of Towns Fund money when it had originally planned to base The Vine in the empty premises.

But the appearance of the developer persuaded the council to change its plans, a move that was reinforced by warnings that it not be economically viable to refurbish the TK Maxx for use by The Vine.

Now the council is looking to split The Vine across two sites, the Central Library and a Victorian rail shed at Fletton Quays.

However, the council has to sell the TK Maxx building to recover the Towns Funds money that it used to buy the premises.

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