The sale of the Pyramid Centre is being authorised by Peterborough City Council.
The site in North Bretton consists of six commercial retail units, a pub and a car park, and one of the tenants is Bretton Parish Council which has an office there.
It was due to be sold before March 2018 but this date has now been brought forward.
The council said it was not prepared to commit to the necessary reinvestment of the site, and that on expiry of the existing leases “there is no guarantee too that the council will be able to re-let.”
The council said the expected sale price of between £250,000 and £500,000 will be reinvested in public services.
The sale is expected to be concluded through an auction.