Council looking to sell off former TK Maxx in Peterborough
That's after they bought it in 2020 in the hopes it could be used as part of a regeneration project
Proposals to sell off the former TK Maxx building in Peterborough will be discussed by councillors next week (16th December).
The City Council bought the site on Bridge Street in 2020 for £4,164,346.
It was originally going to be used for a regeneration project, but it was decided in 2023 that that was no longer economically viable.
The Council are also looking for approval to use the funds from the sale of the building to put back into the Towns Fund (a government funded scheme to support economic growth in Peterborough).
£4 million from the Towns Fund grant was used to buy it in 2020.
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 markets 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.
"This reflects significant market changes, particularly post covid impacts on town centres, broader economic and local factors such as interest rate increases making borrowing more expensive, which in turn, reduces property values.”