The property deal sees the five storey Clifton House on Broadway – which is home to the city’s JobCentre Plus agency – and a three-storey building at 126-128 Park Road sold by CLS Holdings for a price in excess of £6 million pounds.
In acquiring a total of 57,522 sq ft of commercial office space, the new owner is looking at plans to convert the 49,588 sq ft Clifton House for residential use once the relocation of the JobCentre Plus operation to Peterborough Town Hall has taken place. The commercial office lease in effect at 126-128 Park Road remains.
Commenting on the sale, Steve Hawkins, Managing Director of Barker Storey Matthews, who acted on behalf of CLS Holdings, said, “The properties attracted a number of interested parties – some of whom were scoping potential conversion for residential use under the Permitted Development Rights policy which was introduced a few years ago.
“In excess of 600,000 sq ft of office space in Peterborough has been converted or is in the process of being converted to apartments.“Our in-depth knowledge of the Peterborough property market meant we could give CLS Holdings realistic advice on the disposal of its properties here as part of its active asset management strategy.”
This is one property that may be off the market, however, there are other commercial properties in Peterborough for sale.