Decision details

The Cabinet Member:

1. Approved the freehold acquisition of 62-68 Bridge Street, Peterborough.

2. Approved associated stamp duty land tax and professional fees.

3. Approved a contribution towards building conversion and fit out costs, subject to confirmation of financial support from the Towns Fund.

The TK Maxx lease is due to expire in March 2021 and the company is preparing to move their retail operations into the Queensgate Centre.  This would leave a major void unit in Bridge Street at a time when the UK’s ‘High Street’ retail industry has been struggling to compete as a result on online shopping, out of city centre retail parks and the rise of value retailers, as well as serious new challenges in the wake of the Coronavirus pandemic.  There is a very real danger that this highly prominent site could in a worst case scenario be boarded up for some time or subject to occupational uses that would be sub optimal in this location, eroding the attractiveness of this highly prominent part of Bridge Street and sending the wrong signals about Peterborough as a vibrant location for investment.  The precise mix of use of the space within 62-68 Bridge Street will be worked on with relevant Council Services and Community groups.  However, by way of illustration, the available space could accommodate a new Library over around 40,000 sq ft of space, a community café, a study area for children, meeting rooms for Council and Community use, a cultural hub with rehearsal and gallery space for local arts and cultural organisations; business incubation space for newly formed and pre start-up companies; space for partner organisations to deliver information and advisory services (e.g. public health); and office space for Council back office administration functions.  It would be possible to let out some of the space commercially.  There is an existing active enquiry about the New Look unit and scope to rent the 2^nd & 3^rd floor as commercial office space following their conversion and fit out using separate lift access from Wentworth Street.  Alternatively, some of this space could be used as an Enterprise Hub offering incubation facilities for small and start-up businesses.  It also would be possible to let out some of ground floor space to independent operators e.g. for a community café or nursery facility if demand can be proven.

Maintaining the status quo and leaving the library in its current location on Broadway is an option as is continuing to lease out the Chauffeurs Cottage to Metal Culture.  However, both buildings require fresh investment to bring them up to modern standards and their renovation and refurbishment would likely require a period of temporary closure or reduced service operation.  The creation of bespoke library and cultural hub facilities at Bridge Street would allow the Council to maintain the operation of existing buildings whilst using the opportunity of investment from the Towns Fund and other potential sources such as the Arts Council lottery fund to create a new facility without disrupting existing services.  The creation of a new Hub in a highly accessible location also offers opportunities for broader consolidation of the Council’s building estate.

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