A former youth services building is to be sold by the cash-strapped city council.
The now vacant ex-Peterborough City Council Youth Offending Service site at 165A Cromwell Road will be flogged to help the authority balance its budget as it looks to manage millions of pounds of cuts to its government funding.
The council said it cannot disclose the name of the buyer or the sum being paid for the building until contracts have been exchanged.
Youth services used to occupy the building but now work out of the council’s Sand Martin House offices at Fletton Quays to help generate savings.
The two-storey building, which was vacated last November, is believed to date back to the 1960s.
The council said it requires “significant expenditure to bring it up to modern standards”.
Plans to convert the building into housing had been explored through Medesham Homes - a joint housing venture between the council and housing association Cross Keys Homes - as well as with another developer.
But the council said: “This option was discounted as both parties considered the site uneconomic to redevelop.”
The Peterborough Telegraph revealed last week that funding for youth services in Peterborough had been cut substantially since 2010/11.
The Labour Party said funding for each child had been cut from £90 to £21 (a £69 drop) after analysing Department for Education figures.
However, the scale of the cuts was challenged by the council which said it was now spending on average £38 per child.
The authority did add that it had secured “substantial investment” on top of its government funding.