Peterborough: Former TK Maxx and New Look building to be sold

The old TK Maxx and New Look building had become too expensive to redevelop, the council said

A former shop building earmarked as part of redevelopment plans for a new library and city hub is to be sold.

Peterborough City Council bought the old TK Maxx and New Look property on Bridge Street in August 2020 to use as part of The Vine development.

Councillors agreed the building had become too expensive to refurbish due to "challenging market conditions".

It was announced in May the project, supported by £13m of government cash, would be delivered across two sites.

The 1980s-built central library will be replaced with a modern facility, with a community hub offering business and education facilities.

A second building at another city centre site would house restaurants and bars, with a communal dining area in the centre.

Peterborough City Council decided plans for a new library and city hub would be delivered with two buildings

A council spokesman said: "The Vine project has a defined budget envelope and it has subsequently been established that the refurbishment of the building is no longer economically viable due to the current challenging market conditions.

"Therefore, alternative locations have been identified to deliver the Vine project in its entirety within the project's fixed budget. The building is therefore surplus to requirements and is currently unoccupied."

Towns Fund money is ring-fenced by the government, so it can only be used for this purpose.

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

The other seven have already secured more than £9m and include a pedestrian bridge over the River Nene, an activity centre at Nene Park and a green technology centre at Peterborough College.