All you need to know about the Peterborough shop units being sold off

The former TK Maxx and New Look buildings on Bridge Street in Peterborough city centre - initially earmarked for a flagship community project - are now being sold.

Peterborough City Council is expected to approve the sale to Bridge Street (March) Limited at its cabinet meeting on Tuesday.

The buyer intends to redevelop the site into a residential-led mixed-use scheme, with early estimates suggesting space for 55–85 homes.

Market trends and the economy have shifted, the council says, so the sale price is lower than the 2020 purchase price.

The council bought the property in 2020 for £4.1m using government Towns Fund money as part of the the Vine Project - which is a plan to create a new cultural hub in the city.

However, a 2022 feasibility study estimated refurbishment costs at £10.8m, making it financially unviable.

In 2023, the council decided to sell the site rather than proceed with the expensive redevelopment

The Vine forms part of the government-funded Towns Deal programme, where money is ring-fenced for particular projects to breath new life into urban areas.

The original plan was to house it in the shop once home to TK Maxx, which is now being put on the market.

Three different locations for The Vine are instead being considered: Central Library on Broadway, The Goods Shed in Fletton Quays and Peterscourt on City Road.

If a contract is approved, Central Library will get a £6.8m revamp of its ground floor, with a new space for education and what has been described as "community-based cultural activities".

The Goods Shed, a disused railway shed in Fletton Quays, would turn into a food and drinks hall, with offices and workspaces.

The £1.2m project for Peterscourt would refurbish the Grade II listed building into a space for businesses, such as start-ups and early-stage companies.

The Vine is the largest of eight Towns Fund projects in Peterborough.

The other seven schemes include a pedestrian bridge over the River Nene, an activity centre at Nene Park and a green technology centre at Peterborough College.

The Mini Vine opened inside the former New Look building in 2021 and was managed by Peterborough College.

As a temporary community space it provided career workshops and CV writing support, children's story time sessions, arts and crafts, and cultural events. It was intended to be a blueprint of what the Vine could become.

However, it was forced to shut a few months later in November following heating issues and mounting repair costs.

According to the report being assessed on Tuesday, the council received six bids for the TK Maxx property and reviewed each bid on a number of factors including best price, funding, track record, timescales, conditions and proposed use.

The report admits the council will make a loss on the building, explaining it is "not uncommon and reflects market changes, and broader economic and local factors".

The cabinet meeting will take place at Sand Martin House on Tuesday at 16:00 BST.

Any development at the former New Look and TK Maxx buildings will be subject to a planning application and permission being granted.

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