Decision details

Disposal of Former TK Maxx and New Look Building, 62-68 Bridge Street* - JUL23/CAB/22

Decision Maker: Cabinet

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: Yes


Disposal of City Centre Building, Bridge Street, Peterborough


Cabinet considered the report and RESOLVED to:


1.     Approves the disposal of the former TK Maxx andNew Look Building, 62-68 Bridge Street. 


2.     Delegates authority to the Executive Director for Place and Economy, in consultation with the Executive Director for Corporate Services, the Director of Law and Governance, and the Cabinet Member for Legal, Finance and Corporate Services to take all necessary steps to facilitate the decision in Recommendation 1, including approving the final terms of acquisition and entering into any necessary agreements. 


Reasons for the decision:

The recommendation is put forward to seek approval to dispose of the Property and to be able to take all necessary steps to facilitate that disposal includingnegotiating with third parties. 


The receipts from the sale are intended to be recycled into the Towns Fund programme and the current financial liabilities associated with holding the building will be extinguished. 


The currently unoccupied building/site will either be occupied or re-purposed and therefore contribute to the animation of Bridge Street. 


Alternative options considered:

To do nothing– This option was discounted as the building is currently unoccupied and therefore a blight on the physical environment. There is also grant funding tied up in the building that needs to be recovered and recycled. The holding costs for the building are also a financial liability. 

Interests and Nature of Interests Declared:


Background Documents:

The Towns Fund Vine Summary Document and grant conditions form part of the background documents to this report. 

Publication date: 10/07/2023

Date of decision: 10/07/2023

Decided at meeting: 10/07/2023 - Cabinet

Effective from: 14/07/2023

Accompanying Documents: