Sale of derelict TK Maxx building is agreed

The sale of the former TK Maxx building in Peterborough city centre has been agreed, and it is now set to be demolished.

On Tuesday, the city council's cabinet approved the sale of the building on Bridge Street to March-based MJS Construction. The local authority had bought it in 2020 for £4.1m with money from the government's Towns Fund.

It has been sold for an undisclosed amount. A council report previously said it would be sold for a loss, which was "not uncommon and reflects market changes".

Shabina Qayyum, the council's Labour leader, said that – subject to planning permission – the four-storey building would be replaced with a two-storey one, with shops and accommodation.

She called it an "exciting opportunity", with the potential to completely regenerate the city centre.

The authority's plan had been to turn the site into a community hub known as The Vine. However, in 2022 the council said it would have cost nearly £11m to refurbish the site, making it financially unviable.

The following year, it decided to sell the building rather than proceed with the expensive redevelopment.

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