Plans to market and sell the former TK Maxx and New Look building in Peterborough city centre will go before the council’s Cabinet on 15 July.
If Cabinet members approve, a marketing exercise for the unit at 62-68 Bridge Street will begin shortly, concluding in the Autumn.
The building was originally purchased by the council in August 2020 using £4.1m Towns Fund grant funding.
The plan was to use the site to develop a new community hub, known as The Vine, offering an enhanced library, learning and cultural offering as well as a commercial offer.
However, the costs to provide such a facility at this one location have exceeded the budget available, due to challenging market conditions. As a result, the The Vine is now set to be delivered across three city centre sites. This includes a library, learning and cultural offer at Central Library, a food and drinks hall at The Goods Shed in Fletton Quays, and a business start-up incubator at Peterscourt. An update on this project is also going before the same Cabinet meeting.
The property will be marketed inviting all offers, including residential and commercial opportunities, to gain maximum interest.
Councillor Nick Thulbourn, Cabinet member for Growth and Regeneration for Peterborough City Council, said: “The former TK Maxx and New Look site forms a significant gateway into our city centre. For those reasons it is an important site and one we must get right, to breathe new life into this part of our city centre and enhance the overall experience for people.
“Although we are inviting all offers, selling as a mixed-use scheme of residential and commercial will help achieve our housing targets, offering good quality accommodation in the heart of our city centre, and increase footfall along Bridge Street.
“Through the marketing exercise we are looking to attract the right buyer who can offer a scheme which can bring vitality and diversity to our city centre and help improve the appearance of this site.”
The Cabinet meeting will take place in the Engine Shed at Sand Martin House on Tuesday 15 July at 4pm.The meeting is open to the public and is also livestreamed from the council’s YouTube channel.