Small industrial unit bought up by Peterborough City Council for 'regeneration opportunities'

Peterborough City Council (PCC) has agreed to buy the leasehold of an unassuming building on an industrial park just outside the city centre.

The building at 4 Royce Road had previously been rented out to Quinto Crane & Plant Hire Ltd by the council, which owns the land it’s built on.

The construction company, which had occupied the building since 1970, went into administration last year.

This gave PCC the opportunity to take control of both the building and its surrounding land - which currently consists of a yard and eight parking spaces.

Council documents show that it will spend £175,000 buying back the lease, potentially on top of VAT, Stamp Duty Land Tax and legal fees, while a further £20,000 has been earmarked to “assist the council in preparing the unit for market”.

This could mean the building being demolished and the site being redeveloped, PCC says.

It hasn't yet announced any plans, but does anticipate “future economic development and regeneration opportunities” as a result of the acquisition.

A site description of 4 Royce Road describes it as 0.48 acres situated in a “popular industrial location with development/expansion potential”.

The property comprises "a detached industrial building of steel frame construction with brick in-fill walls under a pitched fibre roof,” it adds, providing “workshop accommodation with ancillary offices, WCs and staff facilities”.

It also has a concrete yard and tarmac car park.

The description was written by Arnolds Keys estate agent which marketed the property’s ground lease for £85,000 last year on behalf of Quinto Crane & Plant Hire after it began insolvency procedures.