Empty TK Maxx site should be sold, cabinet told

A former TK Maxx building in Peterborough city centre should be sold for mixed-use housing, council officers have recommended.

The Bridge Street building was originally bought by the local authority in 2020 for £4.1m to be used as part of a £15m community hub project known as The Vine.

However, in 2023, Peterborough City Council decided to sell the site after works there were estimated to cost about £10.8m and were not deemed economically viable.

The Vine is now set to be delivered across three sites, including Central Library, Peterscourt and the Goods Shed building in Fletton Quays.

On Tuesday, the cabinet will be recommended to sell the vacant four-storey building to Bridge Street (March) Limited following a marketing exercise that concluded in the autumn.

The Towns Fund is a government scheme that allocated £22.9m to Peterborough for projects across the city to support local economic growth.

Approval is also being sought at the cabinet meeting to recycle the net amount from the sale of the building back into the Towns Fund.

Councillor Mohammed Farooq, cabinet member for growth and regeneration for Peterborough City Council, said: "Subject to cabinet's approval, the sale of the former TK Maxx building will be a significant moment for the council.

"We're confident the developer will be able to breathe new life into such a vital city centre site, as a mixed-use residential-led scheme.

"The marketing exercise has been positive, reflecting the market's continued interest in the city and resulted in six bids for evaluation, all of which align with our need as a local authority to achieve best value; however, the value of the sale is less than the price originally paid in 2020."

The cabinet meeting will take place at Sand Martin House on Tuesday at 4pm.

Follow Peterborough news on BBC Sounds, Facebook, Instagram and X.